Wednesday, February 12, 2025

Money transfer fintech Wise launches in Mexico

International money transfer company Wise announced its official entry into Mexico on Jan. 30 in an effort to tap into the country’s vast remittances market.

The new service will allow Mexican nationals to send money in and out of the country via a fully digital process using Wise’s app or website, where all features are accessible in one place.

In a press release, Wise said its services “are designed for Mexican nationals who need to send money abroad, enabling a transparent, fast and seamless method for international money transfers.”

Beyond offering a more convenient, more affordable and faster way to move money out of Mexico, Wise said it will address the lack of transparency in international payments, referring to it as “one of the biggest challenges in the country.”

According to the news agency Reuters, the new service will strive to address the high hidden fees associated with traditional money transfers.

Efrain Florencia, Wise’s Mexico country manager, said that launching the service in Mexico allows the self-styled global technology company “to disrupt a traditional remittance market by introducing radical price transparency, completely redefining how Mexican nationals send money abroad.”

Abstract image of Mexican peso bills and US dollar bills in a chaotic pile
Wise already supported converting foreign currencies to Mexican pesos. Now, the reverse is also true. (Shutterstock)

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

Reuters reported that consumers moved around US $168 billion in and out of Mexico in 2024 and Wise believes that could double by 2028.

According to a survey conducted by Wise, Mexicans lost US $446 million in hidden fees when sending money internationally last year. Wise claims banks and other providers in Mexico are concealing up to 10.4% of their costs in hidden fees, which could easily surpass US $500 million this year.

With approximately 37.2 million Hispanics of Mexican origin living in the United States, sending dollars converted into pesos is the third-largest corridor for U.S. customers of Wise, a route that has doubled in the past two years.

At the same time, US $480 million in remittances was sent from Mexico to the United States, demonstrating the importance of this two-way currency route.

“With the potential for further growth, Mexico offers a unique opportunity to serve a large and growing region within Wise’s Americas operations,” the company said.

With the new service, Wise says Mexican nationals will be able to quickly and easily send funds in over 40 currencies from Mexico to 160 countries.

With reports from Reuters and El Financiero

14 COMMENTS

    • Joseph, I have been doing this for years already. As long as it is to a bank account it is very easy. It took a minute to get my Wise accounts set up properly, but a little pain upfront has made it very easy for the long term. I have had trouble sending money from the US to family and friends who use Banco Azteca…hopefully Wise gets that figured out quickly.

  1. I’ve used Wise (previously TransferWise) for years. I transfer USD to my online US Wise acct. I can set up auto transfers into MXN when the exchange rate hits my threshold. Or I can monitor the rate and excyit for MXN within seconds. Then, I transfer it to my local Mexican bank, in Pesos. I’m happy with the speed, fee amounts and the control I have.

  2. I’ve used Wise (previously TransferWise) for years. But recently I have received poor service.

    Now, I use Remily. I am very satisfied.

    It is funny how these services play a pricing game with exchange rate and their fees.

  3. I think this may be for Mexico based accounts supported with a valid INE, not for expats. I can find no way to FUND a MXN balance using pesos. I can do it with a lot of other currencies, but not from a MXN bank.

  4. Has anyone used WISE to transfer from Chase to Intercam Banco? Keep getting a mixed single from people, and also the bank managers say they will cancel account if WISE is the transfer agent.

  5. Has anyone had the experience of using WISE to transfer US dollars to Intercam Banco? Keep getting mixed reports from customers and also bank manager, saying they will close account if you use the service.

    • Same problem here (Maz) … we limit the amount of transfers (the fees and rate are much better with WISE than Intercam) so we cash a few checks with Intercam to keep them happy.

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