In this article, you'll discover whether Revolut works in Mexico, explore some potential drawbacks if it is available, and consider the possibilities it offers for travelers and residents alike.
Does Revolut Work In Mexico?
Revolut is available in Mexico, offering a range of functionalities for both travelers and residents. Users can spend in Mexican Pesos, withdraw cash from ATMs fee-free up to certain limits, and receive instant notifications for transactions. The app also allows for currency exchange and holding multiple currencies, making it convenient for international use.
Additionally, Revolut provides features such as setting spending limits, freezing the card via the app, and creating single-use virtual cards for online shopping. These functionalities ensure that users can manage their finances efficiently while in Mexico, leveraging Revolut's comprehensive financial services.
Fees and Charges for Using Revolut in Mexico
Here are some general costs that users might encounter when using Revolut in Mexico:
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- ATM withdrawal fees: Fee-free up to £200 for Standard and Plus plans, £400 for Premium plan, and £800 for Metal plan. Withdrawals beyond these limits are charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Transaction fees: No specific transaction fees for using the card in shops and restaurants, but users are advised to choose MXN as the local currency to avoid additional charges.
- Currency conversion fees: If withdrawing from an ATM in a currency not held in the wallet, a conversion fee will apply.
- ATM owner fees: Users may be charged a fee by the ATM owner when withdrawing funds.
Is Revolut the Best Option in Mexico?
Even though Revolut is available in Mexico, it might not be the best option for users due to certain limitations and restrictions that could affect the overall user experience.
Here are some specific limitations:
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- ATM withdrawal limits: Fee-free withdrawals are capped based on the user's plan.
- ATM owner fees: Additional charges may be imposed by the ATM provider.
- Currency conversion: Poor exchange rates if users select 'Yes' for ATM conversion.
- Fair-usage policies: Exceeding limits may incur additional fees.
Alternatives to Revolut in Mexico
1) OneSafe
OneSafe stands out as a leading alternative payment solution in Mexico, offering ease of use, lower fees, and superior customer support. With features like simple onboarding, global payments, and multi-currency support, OneSafe ensures efficient financial operations, making it a superior option for both businesses and individuals.
OneSafe Reviews
Users have praised OneSafe for its comprehensive banking services, including ACH, Crypto, Wire deposits, and Virtual cards. They appreciate the support for a wide range of businesses, making it a preferred choice for many. Notable achievements or awards were not mentioned, but the positive feedback highlights the company's strong service offerings and customer satisfaction.
2) Wise
Wise offers a robust alternative payment solution in Mexico, featuring multi-currency accounts, competitive international money transfer rates, and an international debit card. Users benefit from transparent fees, fast transfers, and the ability to manage finances across multiple currencies, making it a reliable option for both personal and business use.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users have reported issues with money transfers being returned without notification and challenges with document approval processes. Check out more Wise reviews here.
3) Paypal
PayPal offers a secure and convenient payment solution in Mexico, allowing users to shop at millions of online stores and send money globally. Key features include 24/7 fraud monitoring, Buyer Protection, and the ability to link multiple cards for flexible payments. These benefits make PayPal a reliable option for managing finances.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars. Users mention high transaction fees and occasional delays in fund transfers as drawbacks. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Mexico
Can I use Revolut to withdraw cash from ATMs in Mexico?
Yes, you can withdraw cash from ATMs in Mexico, subject to your plan's limits.
Are there any fees for using Revolut in Mexico?
Fees may include currency exchange fees, ATM withdrawal fees, and potential ATM owner fees.
Does Revolut support Mexican Pesos?
Yes, Revolut supports spending and holding Mexican Pesos, making it convenient for local use.
Can I receive instant transaction notifications in Mexico?
Yes, Revolut provides instant notifications for all transactions made in Mexico.
Is Revolut a good option for long-term residents in Mexico?
Revolut can be useful, but consider potential fees and limitations for long-term use.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Mexico is crucial for managing your finances effectively. While Revolut offers various features, alternatives like OneSafe provide lower fees and better support. Explore OneSafe for a seamless financial experience. Ready to make the switch? Sign up now.
