News

BofA adds new features to card-based money transfer

September 29, 2003

MEXICO CITY - Bank of America and Santander Serfin, a subsidiary of Spain's Grupo Santander, are introducing new features for Bank of America's card-based money transfer service, SafeSend.

Beginning in November, cards will carry theVisa Electron symbol, which will allow cardholders to use SafeSend cards to make purchases in more than 120,000 stores in Mexico where Visa Electron is accepted.

SafeSend customers in the U.S. will also know the exact amount of money available in pesos at the time funds are added to the card, as the exchange rate will be applied when funds are loaded to the card.

Recipients using any of the 1,800 Santander Serfin ATMs throughout Mexico to receive their funds will not pay any fees for the ATM transactions. (See related story BofA offers surcharge-free ATMs in Mexico)

Using SafeSend, cardholders can transfer up to $1,500 to Mexico for a fee of $10.

Bank of America credits its new advanced SafeSend service features to its alliance with Santander Serfin.

Spain's Santander Central Hispano SA owns 75.1 percent of Grupo Financiero Santander Serfin (GFSS), Mexico's third-largest financial group. BofA holds the remaining 24.9 percent, which it purchased in March for $1.6 billion.

According to a news release, the goals of the alliance are to help BofA better serve the fast-growing Hispanic market, while at the same time opening new business opportunities for GFSS.

Bank of America was the first bank to provide an international ATM transfer card when it introduced the SafeSend product in April 2002, according to the release. Several other financial institutions, including Wells Fargo and US Bank, have introduced similar products.

(See related stories New Citibank ATM card facilitates money transfer to Mexico, More U.S. banks provide ATM-based money transfers to Mexico, First Data fends off money transfer challenge from banks -- so far and U.S. Bank expands ATM-based money transfer program)

"The SafeSend product sets a very high benchmark for our future working relationship," said Eusebio Rivera, Hispanic Initiative executive for Bank of America, in the release.

According to a report in BNamericas, which cites Eduardo Vergara, Bofa's senior vice president for international remittance services and multicultural card marketing, the alliance with Santander Serfin also benefits Bofa in its commercial and mortgage lending areas.

Bofa company clients can purchase low-cost equipment in Mexico through Santander Serfin and U.S. citizens can take out mortgage loans with BofA in the US and purchase property in Mexico through Santander Serfin.