Mexico’s Remesas Paisanos Card Makes It Free To Receive Money From The US
Many of us often send money to family members back in our home countries – truly, it seems like sometimes it’s just part of being an immigrant here in the U.S. Whether or not that’s your situation, a new advancement in Mexico just made it way easier to send money to family and friends back in la madre patria.
As reported by Univision, Mexico’s Foreign Secretary Marcelo Ebrard just presented the new Remesas Paisanos debit card that’s set to change the game for people in the U.S. sending money to loved ones in Mexico.
So how would it work? The card is designed to make receiving money from the U.S. completely free, with zero commission for Mexicans. That means your parents or abuelos can use money you send for groceries, clothing, or anything else – without paying any fees.
The debit card was unveiled by TELECOMM-Telégrafos, or Telecomunicaciones de México, which is run by the country’s government. It makes receiving money commission-free for Mexicans because of an agreement made with over 40 U.S. financial services companies.
It’s important to note that as explained by TELECOMM-Telégrafos director Rocío Mejía, people sending money from the U.S. would still have to pay a fee – it would just make it free for anyone in Mexico to receive it. At that point, you can visit any of the organization’s 1,730 locations to pick up the transfer. It is also instant: Mexicans will receive the money on the same day it’s sent from the U.S. Some outlets report it might take minutes.
People are allowed to send a maximum of $7,499 (U.S. dollars) through this service, and since it comes in the form of a debit card, it’s easy to use for paying for just about anything. Plus, the debit card comes at a perfect time: money sent to Mexico has increased by a whopping 21.4% in between 2021 and 2022.
Both the Foreign Secretary and Telecomm-Telégrafos explained this move makes sending money to Mexico more “efficient” and “safe,” and anyone interested should find out more details through the Mexican consulate.
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