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TransferWise launches US-Mexico remittance services corridor

Wednesday 20 April 2016 | 02:27 PM CET

TransferWise, a UK-Estonian money transfer startup, has launched its remittance service for the US-Mexico region.

The US-Mexico region is powered by the flow of remittances from Mexicans working abroad, evaluated at almost USD 25 billion in transfers made, mostly, to Mexico in 2015, businessinsider.com reports. TransferWise is hoping its lower fees may attract Mexican customers living abroad sending money home. It says that more than USD 5 billion has been spent in fees transferring money from the US to Mexico since 2011.

TransferWise has further Latin American launches in the works: It says it plans to bring in Argentina, Peru, Colombia, Chile, and The Dominican Republic in 2016. The service also officially launched in Canada on 15 April 2016.

More: Link
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