Revolut to Offer US Consumers Free Remittances to Mexico
Global finance app Revolut has announced that U.S. customers can transfer money to Mexican bank accounts, according to an emailed press release today (Jan. 28).
The service will be offered fee-free and would be done in up to 30 minutes.
Revolut has been working on improving the U.S. methods to send money to home countries.
In July of last year, the company let U.S. customers transfer money to Mexico at the actual exchange rates. In October, the app announced it would be offering 10 free international transfers per month.
“Last year, over $45 billion was sent from the U.S. to Mexico, and had these funds been transferred through Revolut, over $2.25 billion would’ve been unlocked for U.S. customers,” said Juan Miguel Guerra, CEO of Revolut Mexico. “Despite being the largest remittance corridor in the world, sending money from the U.S. to Mexico is slow and expensive. We are now offering the service fee-free in up to 30 minutes and are tremendously proud to be putting more money back in the pockets of families in Mexico and the USA.”
Guerra has been trying to expand the Latin American efforts this year, hiring more talent.
PYMNTS wrote recently that Revolut had announced a new commission-free stock trading platform. It features over 1,100 securities and 200 ETFs listed on the Nasdaq and NYSE. It lets users trade both full and fractional shares through placing market, limit or stop limit orders, in addition to queue orders during the off-trading offers.
Read more: Revolut Rolls Out Stock Trading Platform
“As part of its commitment to transparent and informed investing, Revolut’s trading platform will include overviews of the top ten holdings of each ETF along with real-time information and intuitive stock charts including price alerts, market graphs, performance data and global market news within the app,” the company said in a news release.
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