Financial inclusion will be provided through Welfare Bank and banking institutions. They will be sought to offer a better exchange rate than exchange centers / Source: Secretary of the Treasury / Graph: Abraham Creu
MEXICO CITY.
The federal government and banking authorities are pushing for a financial inclusion strategy so that migrants in the United States can send remittances to their relatives in Mexico safely and at a competitive exchange rate.
This, after the Senate approved a reform of the Law of the Bank of Mexico (Banxico), on foreign exchange, in order to support migrants, which was questioned for allegedly opening the door to money laundering.
Yesterday, Arturo Herrera, Secretary of the Treasury, announced the plan for the banking of compatriots, who will be able to open accounts at the Welfare Bank remotely, with consular registration or passport in the Financial Advisory windows ( VAF) and receive international debit cards.
In our country, the families of migrants in the United States will be able to have money in 2000 393 points of care, including branches of the Welfare Bank.
Alejandro Díaz de León, governor of Banxico, said they are working on a platform for financial institutions to verify migrants ’information, which would mitigate risks in foreign currency transactions in cash.
WELFARE BANK ENTERS REMITTANCES
The Mexican government and banking authorities launched a strategy to bank the migrants living in the United States and offer them favorable conditions for the exchange of dollars.
In a press conference, the head of the Ministry of Finance, Arturo Herrera, explained that banking will be through the Welfare Bank and in banking institutions, and will seek to provide a better exchange rate for the financial system to in exchange for dollars.
Accounts at the Welfare Bank may be opened remotely from the United States, with consular registration or passport at the Financial Advisory (VAF) counters, and receive international debit cards.
Families will have access to the receipt of remittances in Mexico through two thousand 393 points of attention, between branches of the Welfare Bank, popular financial companies and savings and loan cooperatives that make up Els and Xarxa de la Gent, as well as Telecomm correspondents.
Luis Nen de Rivera, president of the Association of Banks of Mexico (ABM), has detailed that they will submit a request to the authorities so that migrants can open accounts remotely through credit institutions and payment funds electronic, with the aim of receiving electronic remittances.
There will be zero percent commissions, we will give a physical and digital debit card, use the Code and apply the best exchange rate for customers, ”he detailed.
In addition, they will intensify the opening of branches, ATMs and bank co-managers in municipalities that do not cover financial services.
BRAKE AT RISKS
The governor of the Bank of Mexico (Banxico), Alejandro Díaz de León, said that a technological platform is being worked on where financial institutions will be able to verify migrants’ information and mitigate risks in foreign currency transactions in cash. “This tool will strengthen the operations that country institutions must implement to robustly comply with international standards and that banks can have a position to expand their correspondent operations with foreign entities.”
The Banxico will also create a mobile application that will allow migrants to know the financial products available to them and search for currency exchange centers and the geographical location of the nearest branches.
Facilities will be provided to credit institutions that have justified difficulties in repatriating them in cash, through guaranteed contingent financing. “Risks in the acceptance of dollars by institutions would be avoided, avoiding affecting the public in foreign currency cash transactions.”
Finally, the procedure for incorporating confiscated cash resources in favor of the State will be expedited.
AMU
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