Wise Launches in Mexico

Money transfer giant Wise has officially launched in Mexico, expanding its global footprint to tap into another multi-billion-dollar remittance market. A survey conducted by Edgar, Dunn & Company for Wise estimates that Mexicans will send over $27.9 billion in remittances worldwide this year alone.

With its new service, Wise enables users in Mexico to send money to over 40 currencies across 160 countries through a fully digital process available on its app and website. This marks the company’s second major expansion in Latin America, following its success in Brazil, where it has already issued two million international multi-currency cards and partnered with digital banking giant Nubank.

Diana Avila Gonzalez, Wise’s chief banking and expansion officer, emphasized the importance of the move, stating: “Mexicans with international needs require a service for sending money abroad that isn’t opaque, slow, and expensive. 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.”