Cross-border payment company Wise has officially launched its services in Mexico as part of its expansion strategy in South America.
The company announced this expansion in a press release on 30 of January, stating that it intends to serve 37 million Mexicans seeking reliable payment platforms, and strengthen transparency in financial transactions in the region.
Bringing service to 37 million Mexicans
Wise is a European technology company that serves hundreds of countries across the world. The company has been expanding in Latin America recently, and the expansion to Mexico is one of its major steps in achieving wider coverage.
As a result of this launch in Mexico, Wise will be providing international payments to 37.2 million Mexicans in the U.S. who are seeking reliable and transparent ways to move funds between the two counties.
They can now transfer money from Mexico to 160 countries in over 40 currencies with important combinations such as MXN/USD. Commenting on the launch, Harsh Sinha, Chief Technology Officer at Wise, said:
“Launching our services in Mexico is a continuation of our strong, consistent growth in North and Latin America. Mexico, a region where consumers are loaded with unjust hidden fees, presents a strategic opportunity for Wise as it helps further our mission and opens a key currency route to bolster our business.”
According to Wise, banks and other service providers in Mexico currently conceal up to 10.4% of their costs in hidden fees, making it expensive for them to send money.
Saving Mexicans money
It is projected that Mexicans will lose approximately $514 million USD to hidden fees when transferring money from Mexico in 2025.
With the launch of Wise in the country, this is about to change as the company offers quick and affordable means of funds transfer between countries.
Currently, 65% of Wise payments arrive in under 20 seconds, and Mexicans can start using the service starting today, both on mobile devices and on the website.
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