News

Customers won't pay to send cash to Mexico

January 27, 2005

Houston Chronicle: Mexican immigrants living in Houston will soon be able to send money home to their families without paying a fee.

Bank of America is expected to eliminate its 3 percent foreign exchange fee and $10 transfer fee for its checking and savings account customers who send money to Mexico using its SafeSend service.

Officials with the Charlotte, N.C.-based bank said the move will help introduce more Hispanics to financial services. About 40 percent of Hispanics in the nation don't use banks, according to Bank of America.

Banks and credit unions began to target this immigrant market a few years ago by accepting the matricula consular card, issued by the Mexican consulate. B of A also accepts the cards as identification.

In 2002, B of A introduced its SafeSend service. Now when a customer opens a SafeSend account, the bank sends a money transfer card to the person designated as the recipient in Mexico. The recipient then can use that card at ATMs to withdraw money or to get cash back at stores, much like a debit card.