Revolut has expanded its offering as it seeks to simplify cross-border payments between the US and Mexico through its US-Mexico remittance corridor.
It is a launch that enables Revolut customers in the US and Mexico to easily transfer money between one another without any hidden fees, at the real exchange rate.
Ron Oliveira, CEO of Revolut USA, commented: “At Revolut, we believe sending peer-to-peer payments cross-border should be simple. In the context of today’s environment, people need to lean on each other for support now more than ever, and we are committed to providing consumers with a simple way to send money to loved ones and communities, no matter where in the world they may be.
“We know what matters most to our customers, how to ensure the largest amount of their hard-earned money being sent home makes it home. The launch of this remittance corridor is a major milestone for Revolut – one that we’re confident will improve the financial lives of customers in the US and in Mexico.”
In May 2021, remittance flows between Mexico and the US increased significantly by 31%, reaching over $4.5 billion as migrants continue sending money to loved ones to alleviate the impact of the pandemic.
Revolut’s timely launch of this remittance corridor will allow customers to easily make cross-border payments between the US and Mexico at a time when cross-border peer-to-peer payments are reaching peak levels.
With Revolut, customers can spend and transfer money globally, as well as exchange 28 currencies in the app, enabling users to exchange money abroad without paying the exorbitant fees – which can reach up to 11% – charged by most major money transfer providers.
Beyond improving cross-border payments between the US and Mexico, Revolut is exploring entry into new markets in Latin America, specifically Mexico and Brazil. Although still in the early stages of its expansion, the company has appointed a Head of Operations in Brazil, and continues to assess new talent to support the expansion of its team and offerings across the region.