The Initial Tuyyo transfer for a user will only include the FX costs, but be free of any fee. Additional transfers will have a flat fee of USD 5.49 plus the FX rate applied when sending funds to Mexico.
First-time users in Mexico will have to pay a one-off visit to a BBVA Bancomer branch to verify identify and will be shown how to use the service during that visit after which they have to enter a code into any Bancomer ATM to withdraw their funds, according to the release.
BBVA plans to add other features to Tuyyo, including insurance or microfinancing products with the sender paying the bill through the app for the benefit of the receiver, according to the release.
BBVA said it also plans to extend the service beyond Mexico to countries in Latin America.
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