Financial inclusion will take place through the Banco del Bienestar and banking entities. They will try to offer a better exchange rate than currency exchange centers / Source: Treasury Department / Graph: Abraham Cruz
MEXICO CITY.
The federal government and banking authorities are promoting a financial inclusion strategy so that migrants in the United States can send money to their families in Mexico safely and at a competitive exchange rate.
This, after the Senate passed a reform of the Bank of Mexico (Banxico) law regarding the attraction of foreign currency, with the aim of supporting migrants, who were questioned for supposedly opening the door to money laundering money.
Yesterday Arturo Herrera, Secretary of the Treasury, announced the bank plan for fellow citizens, who can open accounts remotely at the Banco del Bienestar, with the consular registration or passport at the Financial Advisory Windows (VAF) and international debit cards received.
In our country, the families of migrants in the United States can access the money at 2,393 service points, including branches of the Banco del Bienestar.
Alejandro Díaz de León, governor of Banxico, said they are working on a platform for financial institutions to verify migrants’ information, which would reduce the risks involved in foreign currency operations in cash.
BANCO DEL BIENESTAR TO CONSULT
The Mexican government and banking authorities have launched a strategy to bank the migrants living in the United States and provide them with favorable conditions for dollar exchange.
During a press conference, the head of the Ministry of Finance, Arturo Herrera, explained that banking will be through the Banco del Bienestar and in banking entities, and the financial system will be sought to provide a better exchange rate for the exchange of dollars. .
Accounts at Banco del Bienestar can be opened remotely from the United States, with the consular registration number or passport at the Financial Advisory Windows (VAF) and receive international debit cards.
Families will have access to money transfer receipts in Mexico through 2,393 service points, between branches of the Banco del Bienestar, popular financial associations, and savings and credit cooperatives that are part of L @ Red de la Gente, as well as Telecomm correspondents.
Luis Niño de Rivera, president of the Association of Banks of Mexico (ABM), explained that they will request that the authorities allow migrants to open accounts remotely through credit institutions and electronic payment funds, for the purpose of receiving wire transfers.
There will be zero percent of the commissions, we will provide a physical and digital debit card, use the CoDi and we will apply the best exchange rate for customers, ”he explains.
In addition, they are intensifying the opening of branches, ATMs and co-managers of banks in municipalities that are not related to financial services.
BRAKE RISKS
The Governor of the Bank of Mexico (Banxico), Alejandro Díaz de León, said that a technology platform is underway where financial institutions can verify migrants’ information and mitigate risks in foreign currency operations in cash. “This tool will strengthen the operations that the country’s institutions must implement to robustly comply with international standards and that the bank can be in a position to expand its correspondent business with foreign entities.”
Banxico will also develop a mobile application that will allow migrants to learn more about financial products at their fingertips and search for bureaux de change and the geographic location of the nearest branches.
Facilities will be provided to credit institutions that have legitimate difficulties in repatriating cash dollars through guaranteed contingent funding. “Risks in the acceptance of dollars by the institutions would be avoided and effects on the public in foreign currency cash operations would be avoided.”
Finally, the procedure to convert foreign currency funds into cash seized in favor of the state will be streamlined.
AMU
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