Broxel announces free remittances for the mexican community in the US.
51 Billion dollars were sent from the US in 2021 – Remittances are the most important source of currency for Mexico
A Latin American FinTech company, Broxel, is putting an end to high fees and long waits for sending money from the US to Mexico. Starting tomorrow, Cinco de Mayo, the Mexican American community in the United States will be able to send money to their families south of the border, at zero cost.
Remittances are essential for the Mexican economy, being the first source of currency, above oil exports. In the middle of the pandemic lockdown, immigrants sent 40 billion dollars to their relatives in Mexico; in 2021 the amount climbed up to 51 billion dollars. Mexican workers sent an average of $ 378 USD per remittance, and made 136 million of operations last year.
«As a son of Mexican immigrants, I know that family is number one priority. It does not matter if you are hundreds of miles away, family comes first. Millions of families in Mexico depend on the hard work of people trying to achieve their dreams, sending money every week as an act of love, memory and gratitude. So having a financial product that allows the Mexican community to send money for free, is proof that technology can change people’s lives. My Mom used to work in a telephone company, my Dad worked for the municipality of National City, and the way they sent money back to Culiacan, in Mexico, is not very different from what immigrants use today. That is why this real-time free remittances platform is so relevant for the Latino community in our country,» said Mario Lopez about Broxel´s new release.
Broxel Pay App is available for everyone to register through www.broxel.com, and free remittances are just one of many functionalities users can have in a cutting-edge financial platform, which includes: a MasterCard debit card accepted worldwide, a borderless solution in which users can have on the same App an account in pesos, issued in Mexico, and an account in dollars issued in the U.S.; a travel discounts platform, among many others. Getting a Broxel card is a 100% percent secure-digital process, and users can make cash-in to their cards through more than 150, 000 merchants, or via ACH.
«Technology is erasing borders. The idea of having free remittances is an economical disruption for the North American region, and a game changer for millions of potential users. Every transaction has a story behind it: Remittances are used for essential needs such as health care, paying for food or having a place to live. So this initiative is the best way to thank the epic and daily effort of the Mexican community in the U.S. We believe that geography and economy can bring us apart, but technology is bringing us together,» said Gustavo Gutiérrez, Founder and President of Broxel.
Millions of Mexican workers pay every day more than 5% of the amount they send in fees and commissions. In that sense, this borderless solution represents an amazing change for more than 4 million Mexicans sending money back to Mexico everyday.
According to Broxel data, the most significant source cities for remittances are: Houston, Phoenix, Los Angeles, Dallas, Chicago, Brooklyn, San Diego, San Antonio and San Jose.