The FedGlobal Mexico Service enables U.S. financial institutions to send ACH credit transactions to financial institutions in Mexico using foreign exchange conversion to convert the U.S. dollars to pesos. Directo a México®, a joint marketing effort, is also available to help U.S. financial institutions increase their share of the rapidly growing U.S. to Mexico remittance market by encouraging and assisting their customers in using the FedGlobal Mexico Service.
The FedGlobal Mexico Service offers financial institutions the added benefit and convenience of promotional materials and tools to aid in promoting the service to your customers and pre-opening accounts at participating institutions in Mexico.
A promotional tool kit and customer guide include detailed tips for easily and economically marketing Directo a México, information on the U.S. to Mexico remittance market and tools to help financial institutions determine their local market potential. Kits include:
The BAR website allows U.S. financial institutions to pre-open an account at any Bansefi or participating L@Red de la Gente credit union branch for a third-party beneficiary in Mexico. The beneficiary then has 10 days to go to the selected branch, formalize the account and receive their money. By increasing financial access in Mexico and promoting bank usage, Bansefi has removed the obstacle in account-to-account remittances from the U.S. to Mexico.
The Directo a México website (Off-site) offers information about the service in Spanish and English tailored to both consumers and U.S. financial institutions. It also includes daily information on the foreign exchange rate use, frequently asked questions, and a U.S. financial institution branch locator tool.
Also available on the Directo a México website is a tutorial (Off-site) to aid users in explaining the service in a visual and hands on format.
See how the FedGlobal Mexico Service can help your organization. Request a customized value calculator from your FedACH Sales Specialist to evaluate this option for your institution.