PASADENA, Calif. — Wescom Credit Union launched a new program last week to allow members to send money back home to Mexico.
Direct to Mexico offers a free alternative to traditional international transfers and money orders. The program was made possible through a partnership between Wescom and the Federal Reserve and the central bank of Mexico, Banco de M?xico. Members can send the funds in person directly from their Wescom checking or savings accounts and transfer them to account holders in any of the 26 commercial banks across M?xico. Recipients must have an existing account and can pick up the money at nearly 8,000 branches and more than 21,000 ATMs.
Payments are transferred from a Wescom checking or savings account using the automated clearinghouse system to the Banco de M?xico, the Mexican gateway operator, where funds can be distributed through local banks. The no-cost transfers are capped at $2,500 a week per member and are posted to the recipients account in pesos.
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"Our mission is to provide our members with services that will make their financial lives easier, which this program certainly does," Wescom President/CEO Darren Williams said. "The program is an excellent way to connect our members with their families or loved ones in Mexico that depend on them financially."
Wescom is one of 20 credit union participants in the Direct to Mexico program.
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