Global technology company Wise has launched in Mexico as part of its growth plans in the Americas, following an earlier expansion in Brazil, and its goal of enhancing cross border payments.
The new service is designed for Mexican nationals who need to send money abroad, enabling a simple method for international money transfers. Around 128 million people can now send money from Mexico to more than 40 currencies and 160 countries through a fully digital process using Wise’s app or website, where all features are accessible in one place.
Mexican consumers are this year alone projected to send over $27.9billion in remittances globally, according to a survey commissioned by Wise from global research firm Edgar, Dunn & Company (EDC). The study also reveals Mexicans lost $446million in hidden fees when sending money internationally in 2024.
Sending USD to MXN is also currently the third largest corridor for US customers at Wise and the volume of transfers on this route has doubled in the last two years. There are an estimated 37.2 million Hispanics of Mexican origin living in the US as of 2021. In 2023, remittances sent from Mexico to the US totalled $480million.
Diana Avila Gonzalez, chief banking and expansion officer at Wise, said: “Launching our services in Mexico is a continuation of our strong, consistent growth in The Americas. Mexico presents a strategic opportunity for Wise where support for low-cost international money services is more critical than ever.
“Mexicans with international needs require a service for sending money abroad that isn’t opaque, slow and expensive. Our expansion into Mexico marks an important milestone as more consumers in the region get access to innovative financial technology that aligns with their needs.“
The Mexican impact
Wise’s global network processes payments end-to-end to deliver fast, secure and reliable payments with direct connections to six local payment systems and more than 90 local bank providers. Wise says it has helped customers save about £1.8billion globally when making international transactions when compared to traditional banks last year.
Efrain Florencia, Wise’s country manager in Mexico, also added: “Our mission is to make financial services fair, accessible, and transparent for everyone. Launching in Mexico allows Wise to disrupt a traditional remittance market by introducing radical price transparency, completely redefining how Mexicans send money abroad.
“We are eager to make a positive impact on the millions of Mexicans who regularly go through this process and are looking for a better, more convenient experience without the burden of excessive fees.”
Wise’s recently reached the milestone of issuing two million international multi-currency cards in Brazil. It has also seen the number of individual customers in Brazil increase by 94 per cent in the last fiscal year. It also recently partnered with digital banking platform Nubank to issue mutli-currency accounts and debit cards through their own application.
All Mexicans can now access the new service through the Wise app (on Android and iOS) or the website.
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