Global payments and transfers Fintech Wise says it has entered Mexico to provide services. Wise said it would enable Mexicans to send money internationally while bolstering the financial corridor to the US.
As well, Wise will support 40 different currencies and 160 different countries via their App.
Wise notes that there is an estimated 37.2 million people of Mexican origin living in the United States as of 2021 and many need a fast and inexpensive way to move money between Mexico and the US. Sending USD to MXN is said to be the third largest corridor for US customers at Wise and the volume of transfers on this route has doubled in the last two years.
A survey commissioned by Wise claims that in 2024, consumers moved around $168 billion USD in and out of Mexico – a number projected to grow. The same research found Mexicans lost $446 million USD in hidden fees when sending money internationally in 2024. Wise claims that other providers are charging up to 10.4% of fees in transfers, with consumers slated to lose approximately $514 million USD in hidden fees when transferring money from Mexico.
In fiscal year 2024, Wise supported around 12.8 million people and businesses, processing approximately £118.5 billion in cross-border transactions,
Wise Mexico is expected to offer direct connections to six local payment systems and more than 90 local bank providers.
Around 65% of payments arrive in under 20 seconds, and 95% are delivered within 24 hours.
The Wise App is available today for Mexicans.