Bancomer Transfer Services (BTS) has launched
a money transfer service enabling consumers to send money from any
BTS location in the US to Latin America and Asian countries.
BTS, a subsidiary of Mexico’s largest bank
BBVA Bancomer, will initially launch the service in association
with Visa in countries including El Salvador, Brazil, China
and The Philippines by the end of this month. It is
considering extending the program worldwide.
According to the Inter-American Development
Bank (IDB), the Latin American corridor is one of the largest money
transfer markets in the world, with a total of $58.8 billion USD
transferred in 2009.
“As a member of the BBVA Group, we are always
working to help people simplify their lives via sound, innovative
products and services,” said Moises Jaimes, president and CEO of
“This goes far beyond being a complement to
our traditional money transfer services. Our work with Visa
strengthens our commitment to the evolution of the remittances
industry, and, by providing our consumers with a wider array of
safe and secure services and channels, it gets us one step further
in our quest towards serving this important segment in the
financial services industry.”
Visa money transfers initiated at a BTS
location in the US are processed through the Visa network. The
service will become available to Visa cardholders, who will not be
required to go to a physical location to receive the money. Funds
can be transferred to eligible Visa debit, credit or prepaid
“The expansion of Visa money transfer to
enable remittances from the US to eligible Visa accounts in Latin
America is a significant milestone for Visa and our clients,” said
Jim McCarthy, global head of product at Visa Inc.
BTS currently offers consumer money transfer
services in 23 countries with over 73,000 payment locations.