Send Money to Mexico with Peanut — Coming Soon
Peanut is expanding to Mexico. Soon you'll send money and have recipients spend locally via CoDi — no fees, no CURP needed.
Send Money to Mexico with Peanut — Coming Soon
Peanut is expanding to Mexico. Soon you will be able to send money to anyone in Mexico and have them spend locally using CoDi, Mexico's central bank-backed QR payment system. The recipient will not need a CURP, an RFC, or a Mexican bank account to receive and spend money. Just a passport and the Peanut app.
Mexico receives over $63 billion in remittances every year, most of it from the United States. Traditional services charge 1-4% in fees and take days to settle. Peanut is building a faster, cheaper alternative that plugs directly into Mexico's local payment infrastructure.
Why Peanut Will Be the Best Way to Send Money to Mexico
No Fees
Peanut charges nothing on deposits, transfers, or spending. That model will carry over to Mexico. Whether you fund your account via ACH from a US bank, SEPA from a European bank, or digital dollars from an exchange, the deposit is free. Sending to the recipient is free. Spending in Mexico will be free. Compare that to what traditional services currently charge:
- Wise: 0.4-1.5% in additional charges on every transfer
- PayPal: 3-4% cross-border fee, plus an unfavorable exchange rate markup
- Western Union: $5-$15+ flat fee per transfer, plus a 2-5% rate markup built into the rate
Over the course of a year, those fees add up — especially on the US-Mexico corridor, where families send money regularly.
Better Exchange Rate
Peanut's exchange rate model bypasses the markups that traditional providers embed in their rates. While the exact rate mechanism for MXN is still being finalized, the general model is the same one that already delivers 5-8% more purchasing power in Argentina: digital dollars convert directly to the local currency at the market rate, without routing through a regulated intermediary that adds its own markup.
Instant Local Spending
Once Peanut launches in Mexico, recipients will be able to spend immediately using CoDi — the QR payment system backed by Banxico (Mexico's central bank) and built on SPEI infrastructure. Instead of waiting for a bank transfer to clear, the recipient opens the Peanut app, scans a CoDi QR at a merchant, and pays in pesos instantly. The merchant sees a normal CoDi payment and has no idea Peanut is involved.
CoDi's merchant adoption is growing across Mexico, with acceptance at small businesses, restaurants, cafes, and market vendors. As adoption expands, so will the places where Peanut recipients can spend.
No Local ID Required
Financial services in Mexico typically require a CURP (the national population registry key) and often an RFC (tax ID). Foreigners need a temporary or permanent residency visa to obtain either one. Peanut will remove that barrier entirely. Recipients will verify with any passport or national ID card — no CURP, no RFC, no Mexican bank account needed. This is especially relevant for the large digital nomad communities in Mexico City, Playa del Carmen, Oaxaca, and Puerto Vallarta who currently struggle with limited access to local payment systems.
How It Will Work
- 1
Sign up and verify your identity
Create a Peanut account and complete identity verification. Submit a photo of your passport or national ID card plus a selfie — the process takes under 2 minutes for most users. No CURP or RFC required.
- 2
Deposit funds
Fund your account using the method that fits your location. US users will deposit via ACH (free, 1-3 business days) or send digital dollars from an exchange. European users will use SEPA bank transfer (free, 90% under 20 minutes). Anyone can send USDC, USDT, or DAI on Solana, Arbitrum, Base, Tron, Avalanche, Polygon, or Ethereum — all deposits are free and arrive in minutes.
- 3
Send to the recipient
The recipient creates their own Peanut account and verifies with a passport or national ID card. Send them money directly — Peanut-to-Peanut transfers arrive instantly. If you are the one traveling to Mexico, skip this step and spend directly from your own account.
- 4
Recipient spends locally via CoDi
The recipient opens the Peanut app, scans a CoDi QR code at a participating merchant, reviews the payment in MXN, and confirms. The merchant receives pesos instantly through SPEI settlement.
What the Recipient Will Be Able to Do
CoDi QR Payments
CoDi (Cobro Digital) is Mexico's central bank-backed QR payment system, built on top of SPEI — the same real-time gross settlement system that already handles millions of interbank transfers daily in Mexico. When Peanut integrates with CoDi, recipients will scan QR codes at participating merchants and pay in Mexican pesos instantly. The merchant receives a normal CoDi payment and does not know Peanut is involved.
CoDi is accepted at a growing number of businesses across Mexico:
- Small businesses and independent shops
- Restaurants and cafes
- Market vendors adopting QR payments
- Select online merchants
CoDi is free for both consumers and merchants, with no transaction fees. As Banxico continues to push adoption, merchant coverage will continue to grow.
Bank Withdrawal
Recipients will also be able to withdraw their Peanut balance to a local Mexican bank account. This works for rent payments, utility bills, and other needs that require a traditional bank transfer. Transfer speeds will depend on the local banking infrastructure.
Digital Dollar Withdrawal
Recipients who prefer to hold digital dollars can withdraw USDC, USDT, or DAI to any external wallet on supported networks (Solana, Arbitrum, Base, Tron, Avalanche, Polygon, Ethereum). This is available today — even before the Mexico spending integration launches.
The US-Mexico Corridor
The United States to Mexico corridor is the largest bilateral remittance corridor in the world. Over $63 billion flows from the US to Mexico annually, sent by workers supporting their families back home. Traditional providers charge 1-4% in fees and take 1-5 business days to settle, meaning families lose money on every transfer and wait days to access it.
When Peanut launches in Mexico, US-based senders will deposit via ACH (free, 1-3 business days) or digital dollars (free, arrives in minutes). The recipient in Mexico will spend immediately via CoDi QR — no waiting for a bank transfer to process, no visiting a physical pickup location.
This corridor also serves tourists heading from the US to Mexico City, Cancun, Puerto Vallarta, and the Riviera Maya. Instead of using credit cards with 3-4% foreign transaction fees and unfavorable exchange rates, travelers will load their Peanut account before the trip and pay locally at CoDi merchants.
Spain to Mexico
Spain has significant ties to Mexico, driven by shared language and cultural connections. Spanish senders will deposit via SEPA bank transfer (free, 90% under 20 minutes) and send to recipients in Mexico who spend via CoDi. Tourists traveling from Spain to Mexico will be able to skip the credit card markups and pay like a local.
Deposit and Withdrawal — Available Today
While spending in Mexico via CoDi is coming soon, deposit and withdrawal functionality is already live. Users in Mexico can:
- Deposit via digital dollars (USDC, USDT, or DAI) on any supported network
- Withdraw to any external wallet or hold a digital dollar balance
- Send and receive between Peanut accounts instantly
This means you can already create a Peanut account, fund it, and hold a digital dollar balance. When CoDi spending launches, you will be ready to spend immediately.
