Digital bank Revolut, which offers a financial Super App with 16 million clients globally, reveals that it has simplified cross-border transactions between the US and Mexico with the introduction of its US-Mexico remittance corridor.
With this launch, Revolut clients in the US and Mexico are now being able to transfer funds between each other without paying hidden charges, while settling transactions at the real exchange rate.
In May 2021, remittance flows between Mexico and the U.S. increased by 31%, reaching more than $4.5 billion as migrants kept sending funds to friends and family to address the impact of the COVID-19 crisis.
Revolut’s launch of this remittance corridor will enable clients to easily carry out cross-border transactions between the US and Mexico at a time when cross-border, peer-to-peer payments are reaching new highs.
With Revolut, clients are able to spend and transfer funds internationally, as well as exchange 28 different currencies via the app, enabling customers to exchange funds abroad without paying hefty fees – which can reach as high as 11% – charged by the majority of money transfer agents.
Revolut says it has specifically designed its funds transfer service with ease-of-use and transparency in mind to allow its clients to have complete visibility into where their funds are going and when they are being transferred.
Clients are able to sign up for an account within a few minutes and make money transfers almost immediately and using the digital bank’s transfer tracker, clients can easily view the status of their transfers directly via the app.
In addition to enhancing cross-border transfers between the US and Mexico, Revolut is looking into expanding its operations in Latin American (LatAm) markets, particularly Mexico and Brazil.
While still in the initial stages of its expansion, the Fintech Unicorn has already hired a Head of Operations for Brazil, and continues to look for new talent to drive its ongoing expansion into the LatAm region.
Ron Oliveira, CEO at Revolut USA, stated:
“At Revolut, we believe sending peer-to-peer payments cross-border should be simple. In the context of today’s environment, people need to lean on each other for support now more than ever, and we are committed to providing consumers with a simple way to send money to loved ones and communities, no matter where in the world they may be.”
“We know what matters most to our customers, how to ensure the largest amount of their hard earned money being sent home makes it home. The launch of this remittance corridor is a major milestone for Revolut – one that we’re confident will improve the financial lives of customers in the US and in Mexico.”