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Finance

Money transfer service Wise launches in Mexico

Published by Global Banking and Finance Review

Posted on January 31, 2025

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MEXICO CITY (Reuters) - International money transfer company Wise officially launched in Mexico on Thursday, offering a new way for Mexican nationals to send money in and out of the country.

WHY IT'S IMPORTANT

In a press release, Wise said its service aims to address significant challenges Mexicans face from a lack of transparency in international payments and high hidden fees associated with traditional money transfers.

KEY QUOTE

"Launching in Mexico allows Wise to disrupt a traditional remittance market by introducing radical price transparency, completely redefining how Mexican nationals send money abroad," said Efrain Florencia, Wise's Mexico country manager.

CONTEXT

Mexico is the second-largest recipient of remittances globally, according to the World Bank, and remittances are one of the country's most important sources of foreign currency.

BY THE NUMBERS

According to a survey commissioned by Wise, consumers moved around $168 billion in and out of Mexico in 2024, a figure that the company projected to potentially double by 2028.

Wise said that in 2024, according to its survey, Mexicans lost $446 million in hidden fees when sending money internationally, which is projected to rise to approximately $514 million in 2025.

(Reporting by Henry Romero; Writing by Brendan O'Boyle; Editing by Bill Berkrot)