New service from Wise will provide a transparent, fast and convenient experience to Mexican nationals sending money internationally, and bolster a key financial corridor to the US
New York, NY, January 30, 2025 – Wise, the global technology company building the best way to move and manage the world’s money, today announced its official entry into the Mexican market. The new service is designed for Mexican nationals who need to send money abroad, enabling a transparent, fast and seamless method for international money transfers. Wise’s launch in Mexico is part of the company’s goal of enhancing cross border payments and supporting consumers with world-class financial services.
Now Mexican nationals can easily and quickly send money from Mexico to over 40 currencies and 160 countries through a fully digital process using Wise’s app or website, where all features are accessible in one place. This includes the ability to send money from MXN to USD, an important offering that hugely benefits Mexican nationals with connections to the United States.
There are an estimated 37.2 million Hispanics of Mexican origin living in the United States as of 2021. The financial needs of this group are evolving in line with global changes, as these individuals are looking for transparent, fast and flexible ways to move money between Mexico and the US. However, despite $480 million in remittances being sent from Mexico to the US in 2024, services that meet these key customer needs have not been readily available in Mexico.
Providing the option to send money from MXN to USD opens up an important two-way currency route that allows Mexican nationals to more easily move funds to the US. Sending USD to MXN is currently the third largest corridor for US customers at Wise and the volume of transfers on this route has doubled in the last two years. With the potential for further growth, Mexico offers a unique opportunity to serve a large and growing region within Wise’s Americas operations.
Offering Transparency, Speed and Flexibility for Mexicans
Beyond offering a more convenient, more affordable and faster way to move money across borders from Mexico, Wise is committed to addressing one of the biggest challenges in the country: the lack of transparency in international payments. According to a survey commissioned by Wise from Edgar, Dunn & Company (EDC), a global research firm, in 2024, consumers moved around $168 billion USD in and out of Mexico – a number projected to continue growing annually, potentially doubling by 2028. The same research found Mexicans lost $446 million USD in hidden fees when sending money internationally in 2024. These fees can be buried in fine print, added last minute, or bundled with other costs like an exchange rate mark-up, making them hard to detect.
When sending money abroad, banks and other providers in Mexico are concealing up to 10.4% of their costs in hidden fees, which can significantly increase the cost of international money transfers beyond the quoted price, and harm the competitiveness of the market. Unfortunately, the outlook remains bleak. According to the same EDC study, in 2025, Mexican consumers are projected to lose approximately $514 million USD to hidden fees when transferring money from Mexico.
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. Offering our services will have a positive impact on Mexican nationals by offering a transparent, cost effective and fast option to send money internationally. Importantly, this takes us one step closer in solving the problems of opaque, slow and expensive international money movement.”
Efrain Florencia, Wise’s Country Manager in Mexico, states: “Our mission is to make financial services fair, accessible, and transparent for everyone. Launching in Mexico allows Wise to disrupt a traditional remittance market by introducing radical price transparency, completely redefining how Mexicans send money abroad. We are eager to make a positive impact on the millions of Mexicans who regularly go through this process and are looking for a better, more convenient experience without the burden of excessive fees.”
A Truly Global Payments Network
By joining 12.8 million active global customers, Mexican nationals can now leverage Wise’s powerful and expanding international payments network, which moves approximately £30 billion across borders each quarter.
Mexican nationals will also benefit from more affordable and faster transfer speeds when sending money internationally, thanks to the unique infrastructure and network Wise has developed over the past 14 years. With direct connections to six local payment systems and more than 90 local bank providers, Wise’s global network processes payments end-to-end to ensure fast, secure and reliable payments.
This also allows Wise to bring down costs 一 and helped customers save about £1.8 billion globally when making international transactions when compared to banks last year. In terms of speed, Wise’s network enables 65% of payments to arrive in under 20 seconds, and 95% to be delivered within 24 hours, ensuring a fast and convenient experience.
Starting today, the service is available to all Mexicans and can be accessed via Wise app (on Android and iOS) or the website.
