Wise Launches in Mexico and Expands Services for Customers in Latin America

Wise, the global technology company building the best way to move and manage the world’s money, today announced its official entry into the Mexican market. The new service is designed for Mexican nationals who need to send money abroad, enabling a transparent, fast and seamless method for international money transfers. Wise’s launch in Mexico is part of the company’s goal of enhancing cross border payments and supporting consumers with world-class financial services. The Mexico launch is the second market in Latin America where Wise has established send and receive functionality, furthering its growth and expansion across the Americas region.

Now Mexican nationals can easily and quickly send money from Mexico to over 40 currencies and 160 countries through a fully digital process using Wise’s app or website, where all features are accessible in one place.

Offering transparency, speed and flexibility for Mexicans

As the second-largest economy in Latin America, Mexico is a crucial player to regional trade and finance. According to a survey commissioned by Wise from Edgar, Dunn & Company (EDC), a global research firm, Mexican consumers are this year alone projected to send over USD 27.9 billion in remittances globally.

The same research found Mexicans lost USD 446 million in hidden fees when sending money internationally in 2024. These fees can be buried in fine print, added last minute, or bundled with other costs like an exchange rate mark-up, making them hard to detect. Sending USD to MXN is also currently the third largest corridor for US customers at Wise and the volume of transfers on this route has doubled in the last two years.

A fast, proven, global payments infrastructure for Mexicans

With the potential for further growth, Wise is well positioned to be a first-mover on affordable and transparent ways for Mexicans to send money to countries around the globe. Wise has spent 14 years investing in its world-class global payments infrastructure that has directly driven down the global average price of sending money as well as the speed at which transfers can be made.

With direct connections to six local payment systems and more than 90 local bank providers, Wise’s global network processes payments end-to-end to ensure fast, secure and reliable payments. This also allows Wise to bring down costs 一 and helped customers save about £1.8 billion globally when making international transactions when compared to traditional banks last year. Launching Wise’s send money proposition in Mexico now gives a population of 128 million people access to these benefits.

Diana Avila Gonzalez, Chief Banking & Expansion Officer, said: “Launching our services in Mexico is a continuation of our strong, consistent growth in The Americas. Mexico presents a strategic opportunity for Wise where support for low-cost international money services is more critical than ever. Mexicans with international needs require a service for sending money abroad that isn’t opaque, slow and expensive. Our expansion into Mexico marks an important milestone as more consumers in the region get access to innovative financial technology that aligns with their needs.“

Efrain Florencia, Wise’s Country Manager in Mexico, states: “Our mission is to make financial services fair, accessible, and transparent for everyone. Launching in Mexico allows Wise to disrupt a traditional remittance market by introducing radical price transparency, completely redefining how Mexicans send money abroad. We are eager to make a positive impact on the millions of Mexicans who regularly go through this process and are looking for a better, more convenient experience without the burden of excessive fees.”

Scaling in the Americas – a key market for Wise’s global growth

Launching in Mexico represents Wise’s continued growth in the Americas and follows Wise’s expansion in Brazil where it recently reached the milestone of issuing 2 million international multi-currency cards. Wise has seen the number of individual customers in Brazil increase by 94% in the last fiscal year.

Wise also recently partnered with Nubank – the world’s largest digital banking platform outside Asia in Brazil, where the bank is leveraging Wise’s infrastructure to issue mutli-currency accounts and debit cards through their own application. With strong roots in Brazil, expanding into Mexico and building a currency route that moves in both directions, Wise is well positioned to continue its strong growth in the region.

Starting today, the service is available to all Mexicans and can be accessed via Wise app (on Android and iOS) or the website.