Finance
Money transfer service Wise launches in Mexico
Published by Global Banking & Finance Review®
Posted on January 31, 2025
2 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 31, 2025
2 min readLast updated: January 26, 2026
Wise launches a transparent money transfer service in Mexico, addressing high hidden fees and enhancing remittance transparency.
MEXICO CITY (Reuters) - International money transfer company Wise officially launched in Mexico on Thursday, offering a new way for Mexican nationals to send money in and out of the country.
WHY IT'S IMPORTANT
In a press release, Wise said its service aims to address significant challenges Mexicans face from a lack of transparency in international payments and high hidden fees associated with traditional money transfers.
KEY QUOTE
"Launching in Mexico allows Wise to disrupt a traditional remittance market by introducing radical price transparency, completely redefining how Mexican nationals send money abroad," said Efrain Florencia, Wise's Mexico country manager.
CONTEXT
Mexico is the second-largest recipient of remittances globally, according to the World Bank, and remittances are one of the country's most important sources of foreign currency.
BY THE NUMBERS
According to a survey commissioned by Wise, consumers moved around $168 billion in and out of Mexico in 2024, a figure that the company projected to potentially double by 2028.
Wise said that in 2024, according to its survey, Mexicans lost $446 million in hidden fees when sending money internationally, which is projected to rise to approximately $514 million in 2025.
(Reporting by Henry Romero; Writing by Brendan O'Boyle; Editing by Bill Berkrot)
Wise officially launched its international money transfer service in Mexico, allowing Mexican nationals to send money in and out of the country.
Wise aims to tackle significant challenges related to the lack of transparency in international payments and the high hidden fees associated with traditional money transfer methods.
According to Wise, Mexicans lost $446 million in hidden fees when sending money internationally in 2024.
Wise projected that the amount of money moved in and out of Mexico could potentially double by 2028, reaching around $336 billion.
Remittances are one of Mexico's most important sources of foreign currency, making the country the second-largest recipient of remittances globally.
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