Low-cost remittance service to Mexico via an International ACH transaction coupled with financial institution account pre-opening in Mexico for the recipient

Southwest Corporate ACH originators can provide their members with a secure, low-cost remittance service to send funds to family or friends in Mexico.

• Directo a Mexico is a cooperative effort of the Federal Reserve Bank and Banco de Mexico, the Central Bank of Mexico.
• The ACH is a proven payment system.
• The credit union’s cost to send the payment is under $1.00; the Fed charges a $0.67 surcharge for the International transaction.
• Southwest Corporate’s ACH origination service creates International transactions; a feature not available in other ACH systems.
• Advantageous exchange rate set by Banco de Mexico

Credit union members can pre-open an account at a Mexican financial institution, including credit unions, via a webpage at the branch.

• Bansefi, a Mexican government-owned bank chartered to serve low-income residents of Mexico, developed the system to pre-open accounts
• Accounts can be pre-opened at no cost to the credit union, its member, or the recipient. The accounts can be opened at
  • Any of Bansefi’s 548 branches.
  • Credit union members of L@Red de la Gente, an alliance of Bansefi, credit unions and other cajas with over 500 branches.
• The recipient in Mexico has 10 days to present ID, sign account documents and get the money sent via the ACH.
• If the account is not formally opened in 10 days, the funds are automatically returned to you.
• The account in Mexico has a minimum balance of $50 pesos and no fees.

It is estimated that ˝ of America’s 20 million foreign-born Hispanics have no financial relationship. The Hispanic market is recognized among all players in the financial industry as the greatest expansion opportunity of this time.

With Directo a Mexico you can offer members and prospective members a service of significant value to them, cementing your PFI status.

To put this service to work for your credit union, get started or contact an Account Executive at 800.442.5763.

Click here to visit the Directo a Mexico website for more information and an online tutorial.