WorldRemit expands its digital money transfer service in Mexico
- WorldRemit plans to expand its cash pickup network in Mexico to 10,000 locations by the end of this year
- The Mexican diaspora can now send instant money transfers to new cash pickup locations at Farmapronto and Chedraui stores
- Mexico is the top remittance receiver in Latin America and is one of the top five remittance receivers globally
Mexico City and London, 24 July 2018: WorldRemit, the leading digital money transfer service, has expanded its payout network across Mexico. WorldRemit customers in over 50 countries can now make fast and secure money transfers to all major Mexican banks and 500 new cash pickup locations at Farmapronto and Chedraui stores.
WorldRemit has an extensive partnership network in Mexico, incorporating all major banks (including BBVA Bancomer, Banco Azteca, Elektra and BanCoppel) and 7,800 cash pickup locations across the country.
Erick Schneider, Head of LATAM at WorldRemit, comments: "WorldRemit is rapidly expanding in Mexico. We have grown our partner network with new cash pickup locations and bank transfers to all major banks, and are proud to support the increasing number of Mexican families who use our service.”
According to the World Bank, over 13 million Mexicans live abroad in countries such as the United States, Spain and Canada. Mexico is the largest recipient of remittances in the Latin America region and is in the top five remittance recipients globally.
In April 2018, remittances to Mexico reached a record high of $2.7 billion according to the Bank of Mexico. The Center for Latin American Monetary Studies (CEMLA), estimates that Mexico will receive $30.2 to $30.4 billion in remittances in 2018, an increase of over 5 percent compared to 2017.
"Our digital money transfer service offers Mexicans living abroad a fast, convenient and low-cost way to send money home to support their families. We are committed to expanding our service in Mexico and plan to grow our network of cash pickup locations to 10,000 by the end of this year”, adds Schneider.
WorldRemit’s mobile-first, digital model allows its customers in over 50 countries to send money quickly and securely in a few taps directly from their phones - without the inconvenience of visiting a bricks and mortar agent.
Using WorldRemit is easy:
- Choose the country you want to send to: we offer a choice of over 145 different countries.
- Choose how you want to send your money: cash pickup, bank deposit, mobile money or airtime top-up.
- Choose the amount you want to send. Our low fees and exchange rates will be clearly shown.
- Create an account.
- Enter your recipient’s details.
- Choose how you want to pay (bank account or debit/ credit card) and confirm the amount.