Money transfer giant Wise has launched its services in Mexico, aiming to enter another lucrative market.
A survey conducted by Edgar, Dunn & Company on behalf of Wise reveals that Mexicans are expected to send over $27.9 billion in remittances globally this year alone. The new service allows users to send money from Mexico to over 40 currencies and 160 countries through a fully digital process via Wise’s app or website.
This expansion into Mexico is Wise’s second venture into Latin America, following its successful launch in Brazil, where the company has issued two million international multi-currency cards and partnered with Nubank.
Diana Avila Gonzalez, chief banking and expansion officer at Wise, expressed that “Mexicans with international needs require a service for sending money abroad that isn’t opaque, slow, and expensive.” She further stated, “Our expansion into Mexico marks an important milestone as more consumers in the region gain access to innovative financial technology that aligns with their needs.”