As part of its continued commitment to the Mexico market, The Western Union Company (NYSE: WU), a leader in global payment services, and state-owned Banco del Ahorro Nacional y Servicios Financieros, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (BANSEFI), today announced an agreement to expand access to inbound money transfer services under Western Union, Vigo and Orlandi Valuta brands throughout the country.
This new agreement will allow all Western Union and BANSEFI customers to receive money transfers in more than 471 BANSEFI locations in 32 States, expanding Western Union’s network in Mexico, which currently has more than 10,000 Agent locations.
As a Development Banking Institution of the Mexican Federal Government, BANSEFI has a social banking approach to serving its nearly 14 million users. In addition to the money transfer inbound services by Western Union, BANSEFI offers tools for personal savings, life insurance and financial services. The money transfer service will be available in BANSEFI branches from 9:00 to 16:30 Monday through Friday.
Odilon Almeida, President Americas and European Union of Western Union said: “Western Union is improving choices for our customers regardless of their preferences of pay-in or pay-out options. The BANSEFI alliance is a great example. Our customers can send money from countries around the world to recipients in Mexico. In select countries they can also send money online and via mobile 24 hours a day, seven days a week, and 365 days a year.”
Rodrigo Garcia Estebarena, Vice President and General Manager of Western Union Mexico said: “We are delighted about the alliance with BANSEFI that allows us to expand the access and convenience for our customers in Mexico to receive financial support in minutes from their loved ones particularly from the United States .We continue Western Union’s expansion in Mexico, with our focus on being close our customers.”
More than 90 percent of remittances to Mexico originate from the U.S. with the top reason for sending money transfers via Western Union, Vigo and OV to Mexico are to fund regular expenses including food, housing and educational, according to Western Union analysis.
Western Union analysis also shows that money-in-minutes, convenience and the urgent flow of resources to family and loved ones are important to both send and receive consumers. Globally, nearly 70 percent of payouts made by Western Union are picked up by receivers in major remittance receiving countries within 24 hours.
According to the World Bank, Mexico is the fourth largest recipient of remittances globally. The $23.64 billion dollars received in Mexico in 2014, according to data from Banco de Mexico1, places remittances in the second position among the country’s sources of foreign exchange revenue.