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The release notes that while Mexican consumers are projected to send close to billion in remittances this year alone, those consumers lost million last year when sending money overseas due to hidden fees.These fees can be buried in fine print, added last minute, or bundled with other costs like an exchange rate mark-up, making them hard to detect, the release added.


The company notes that this launch marks its ongoing growth in saudi arabia mobile database the Americas, following Wise’s expansion into Brazil, where it has launched million international multi-currency cards and seen the number of individual customers in Brazil grow by in the last fiscal year.Wise also recently began collaborating with digital banking giant Nubank in Brazil, with that company using Wise’s infrastructure to issue multi-currency accounts and debit cards.


As PYMNTS wrote last year, Latin America LatAm is proving to be a key target for FinTechs, given the region’s population of younger, digitally-savvy consumers, unbanked/underbanked populations and a regulatory environment conducive to digital innovation.Brazil stands out here as an example of LatAm’s appeal, given the fact that two-thirds of consumers own smartphones, the average sample age is , lower than the roughly we estimated across countries, and are millennials, as compared to the overall average of , that report said.