Tern launches cross-border cash pickup options for foreign workers

TransferMex, a US company that provides US employers with prepaid cards to pay migrant workers, is the first company to offer the feature using Tern’s platform. The TranferMex app uses Tern’s ‘No Code’ framework to manage cardholders and employers.

This new feature allows TransferMex cardholders to send cash to friends and family by selecting one of more than 10,000 cash pickup locations across Mexico using the TransferMex app. The vast network of pickup locations provides a simple and efficient process to access funds within seconds of transmission.

Supporting and expanding customer remittance capabilities has been an important focus for Tern. This is an important step forward in their commitment to offering partners innovative banking solutions, especially for cross-border payments, company officials said.

Enabling transfers for non-banking consumers

The new cash pickup feature is expected to significantly increase cross-border volume for TransferMex due to the ease with which cardholders can now send cash internationally.

Representatives from TransferMex said that this new solution allows them to provide a more convenient and efficient way for customers to send cash home to friends and family that don’t necessarily have bank accounts.”

Tern’s officials added that reliable remittance and cash pickup between the US and Mexico is an important first step, but now Tern also has the capability to provide remittance and cash pickup for almost every country in Latin America. Later in 2023, they will be able to support remittance cash pickup in most countries throughout the world.