Wise enters the Mexican market with international money transfer solutions

With its new service, Wise aims to serve the needs of Mexican nationals who want to send money abroad, allowing a transparent, efficient, and simplified method for international fund transfers. The move comes as part of Wise’s strategy to improve cross-border payments and equip consumers with financial services that meet their demands and preferences.

The launch in Mexico follows Wise’s partnership with Standard Chartered from November 2024, when the two organisations started working on supporting augmented international payments for the latter’s cross-border payment service. Collaborating with Wise Platform enabled Standard Chartered to allow its customers in Asia and the Middle East to transfer money through its platform in 21 currencies, including USD, CAD, EUR, GBP, SGD, HKD, and JPY. During the same period, Wise gained direct access to InstaPay, the Philippines’ real-time payment system, as well as secured approval for accessing Japan’s bank payment clearing network.

Wise’s offering in Mexico

As of the announcement, Mexican nationals can send money from Mexico to over 40 currencies and 160 countries more efficiently through a digital process leveraging Wise’s app or website. Customers gain access to all capabilities in a single place, with them being able to send funds from MXN to USD, a feature that can benefit Mexican nationals with connections to the US. Moreover, individuals are set to benefit from faster transfer speeds when sending funds internationally due to Wise’s infrastructure and network. The company holds direct connections to six local payment systems and over 90 local bank providers, in turn making payments more reliable and secure.

In addition to delivering a more affordable and convenient method to move funds across borders from Mexico, Wise aims to address the lack of transparency in international payments in the region. Mexican nationals face several challenges when trying to conduct payments across borders, including hidden fees, which can be added last minute or merged with other costs such as exchange rate markup, in turn making them hard to detect.

Commenting on the news, representatives from Wise underlined that the launch in Mexico is a continuation of the company’s consistent expansion across North and Latin America. Wise sees the region as a strategic opportunity, supporting its commitments and opening additional currency routes to grow its business. The company, through its offering, intends to positively impact Mexican nationals by providing them with a transparent and cost-efficient option to send money internationally.