BBVA Bancomer is partnering with media giant Univision to launch a digital money transfer service for the Hispanic population in the U.S.
The Mexico City-based bank's transfer services division, which already handles many money transfers to Latin America, is targeting the more than 57 million Hispanics in the U.S. through the Univision Remesas service.
Univision Remesas, available to consumers through iOS or Android apps, or online, offers multiple funding options and customer support in Spanish and English.
"This collaboration brings together two trusted brands in the U.S. Hispanic community — BBVA and Univision," Aurora Garza Hagan, CEO of Bancomer Transfer Services, said in an April 14 press release. "Our goal is to continue to strengthen and financially empower the Hispanic community."
Univision Remesas transfer fees start at $4.99, and allows U.S. consumers to send money to family and friends in Latin America within minutes. Recipients have access to their money through cash pickup and bank deposit options available at more than 25,000 locations in Latin America. Senders can fund the remittances through a prepaid card, bank account, debit card or credit card.
"Univision Remesas will be an easy-to-use product for a key demographic," Garza added. "We are giving Hispanics a way to manage their money in a way that's familiar and comfortable to them. We're the money transfer service that goes to them, on their own terms, instead of the other way around."
Two years ago, Bancomer was among various banks in Mexico to work with international remitter Transfast to allow money transmissions from the Americas, Europe and Asia to Bancomer account holders in Mexico.