Global fintech Wise has launched in Mexico enabling customers in the country to make efficient cross-border payments. 

Mexican nationals can now send money from the country to more than 160 countries and in over 40 currencies via Wise’s app or website through a singular platform. Mexico becomes the second Latin American country Wise has launched. 

With direct connections to six local payment systems and more than 90 local bank providers, Wise’s global network processes payments end-to-end to ensure fast and secure payments. 

Wise’s money transfer capabilities have also helped global customers save up to £1.8bn when performing cross-border transactions last year, compared to traditional banks. A further 128 million customers in Mexico also help the company to expand its international user base. 

Diana Avila Gonzalez, Chief Banking and Expansion Officer, 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.”

Streamlining money transfers from Mexico

Mexico represents a valuable new market for Wise to embed its services. As the second-largest economy in Latin America, a survey conducted by Wise revealed that Mexican consumers are projected to send more than $27.9bn in remittances across the world this year. 

The same research found Mexicans lost $446m in hidden fees when sending money internationally last year. Wise found that these fees can be buried in fine print, added last minute, or bundled with other costs, like an exchange rate mark-up, making them hard to detect. 

Sending USD to Mexican nationals is also currently the third-largest corridor for US customers at Wise, with the volume of transfers on this route doubled in the last two years. 

Efrain Florencia, Wise’s Country Manager in Mexico, 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.”