💣 Mexico🇲🇽: Wise🇬🇧 breaks into the payment market with solutions for cross-border transfers

💣 Mexico🇲🇽: Wise🇬🇧 breaks into the payment market with solutions for cross-border transfers

Thanks to the Wise app or website, residents in Mexico will be able to send money transfers easily and quickly in 40currencies to 160 countries. Mexican pesos will automatically convert to the desired currency.

➡️ How does it work?: The money flows through Wise's direct connections with 6 local payment systems and 90banking providers.

➡️ In context: In 2024, transfers from Mexico to the US🇺🇸 totaled 480 million USD. Despite political tensions, the money flow between the two countries remains steady.

➡️ However, according to a survey commissioned by Wise and conducted by Edgar, Dunn & Company (EDC), Mexicans lost 446 million USD in hidden fees when sending money abroad in the same year. This is because banks and other payment providers in Mexico tend to hide up to 10.4% of those fees.

➡️ Wise aims to stand out by offering transparency in its fees, ensuring no additional surprises for its customers.

▶️ The competition:

⚠️ The Australian platform Airwallex🇦🇺, valued at 5.6 billion USD, recently entered the cross-border payment market after acquiring the local company Mexpago.

⚠️ Additionally, the British-Lithuanian neobank Revolut obtained a banking license in 2024 and is awaiting approval from the National Banking and Securities Commission to start operations in Mexico.

#news #Mexico #P2P #US

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