Broxel offers free remittances for the Mexicans living in the US

Friday 6 May 2022 14:44 CET | News

Mexico-based fintech Broxel has announced that the Mexican community in the US will be able to send money to family at zero costs.

According to the press release, remittances are essential for the Mexican economy, being the first source of currency, above oil exports. In the middle of the pandemic lockdown, immigrants sent USD 40 billion to their relatives in Mexico and in 2021 the amount climbed up to USD 51 billion. Mexican workers sent an average of USD 78 per remittance and made 136 million of operations in 2021.

Broxel Pay App is available for everyone and free remittances are just one of the functionalities users can have in  the financial platform, which includes: a MasterCard debit card accepted worldwide, a borderless solution in which users can have on the same App an account in pesos, issued in Mexico, and an account in USD issued in the US, and a travel discounts platform, among others.

Millions of Mexican workers pay every day more than 5% of the amount they send in fees and commissions. In that sense, this borderless solution represents a change for more than 4 million Mexicans sending money back to Mexico everyday, according to Broxel.

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Keywords: remittance, money transfer, cross-border payments, product launch, mobile payments
Categories: Payments & Commerce
Companies: Broxel
Countries: Mexico, United States
This article is part of category

Payments & Commerce


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