BBVA, a bank known for innovating, has launched a new mobile app that is designed to help people in the U.S. send money to friends and family in Mexico — more quickly and cheaper than traditional remittance methods.
The new app, called Tuyyo, joins other disruptors, such as TransferWise, PayPal’s Xoom and WorldRemit, in using technology to attempt to improve international transfers.
BBVA said it plans to roll out the app to the rest of Latin America after testing the app in Mexico — where more than $27 billion flows annually, according to the bank.
“People feel a strong sense of duty to help out their families,” said Derek White, global head of customer and client solutions for BBVA, in a press release. “This is one way to say, ‘We still love you even if we can’t be together right now.’”
Tuyyo lets recipients pick up the money within minutes of being sent. Recipients can withdraw the funds from ATMs and also receive the funds via direct-to-bank transfers and at cash pickup locations. Importantly, recipients do not need a bank account to access the funds. However, first-time recipients will have to visit a BBVA Bancomer branch to verify his or her identity.
While BBVA said the first transfer will only include the FX costs, subsequent transfers will include $5.49 in addition to the FX rate.
Tuyyo, which builds on BBVA Transfer Services, also lets people send messages along with the money.
Already, the emerging mobile money niche has had a casualty. Zenbanx, a money mobile app that Social Finance acquired, was shut down by the marketplace lender this summer, for instance.