MEXICO CITY, Jan 30 (Reuters) - International money

transfer company Wise officially launched in Mexico on

Thursday, offering a new way for Mexican nationals to send money

in and out of the country.

WHY IT'S IMPORTANT

In a press release, Wise said its service aims to address

significant challenges Mexicans face from a lack of transparency

in international payments and high hidden fees associated with

traditional money transfers.

KEY QUOTE

"Launching in Mexico allows Wise to disrupt a traditional

remittance market by introducing radical price transparency,

completely redefining how Mexican nationals send money abroad,"

said Efrain Florencia, Wise's Mexico country manager.

CONTEXT

Mexico is the second-largest recipient of remittances

globally, according to the World Bank, and remittances are one

of the country's most important sources of foreign currency.

BY THE NUMBERS

According to a survey commissioned by Wise, consumers moved

around $168 billion in and out of Mexico in 2024, a figure that

the company projected to potentially double by 2028.

Wise said that in 2024, according to its survey, Mexicans

lost $446 million in hidden fees when sending money

internationally, which is projected to rise to approximately

$514 million in 2025.