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.