Migrants Will Access Accounts At Banco Del Bienestar

In support of migrants and their families to purchase dollars at the exchange rate competitive, as well as increased financial infrastructure and opening bank accounts to Mexicans abroad through consulates, l to Ministry of Finance , Banco de México , Banco del Bienestar , in alliance with the Association of Banks of Mexico (ABM), presented a series of actions.

In a joint conference, it was announced that the Banco del Bienestar will be in charge of collecting the dollars in cash from the migrants and their families, for this, they will need to open accounts in the institution that can be remotely and using the card consular as a means of identification.

It is a response to the reform initiative to the Banxico Law on foreign currency collection that is in the plenary session of the Chamber of Deputies and has caused different discussions. We recommend you… Remittances from Mexican migrants living in 29 US states fall due to covid-19.

From New York to Puebla … remittances keep millions of Mexicans in a pandemic The Secretary of the Treasury, Arturo Herrera, indicated that these actions respond to the fundamental concern of ensuring safe access to the appropriate exchange rate.

“Legislators should be proud, this problem existed, but they were the ones who triggered the reflection on this exit and it is also something that we plan to continue working with them,” he said.

The general director of the Banco del Bienestar, Diana Álvarez, added that the sending of resources from the United States may through remittance companies and liquidated by the institution in bank branches, the People’s Network and Telecomm offices in the country.

He added there are 2,393 service points, and additionally 2,452 payment centers for social programs. “The Banco del Bienestar product is ready, we could start using it today immediately and we will. What we are going to wait a few weeks is to re-scale it, this will require being able to receive in a much more intense way at the consulates, “said Herrera.

“It seems to us that at a time when the United States authorities are very focused on trying to increase the number of vaccinated people … that will allow activities to be reestablished, including those that have to do with the consulate being able to receive to the nationals ”, he added.

From the Bank of Mexico , actions will focus on improving financial services at points of entry and first contact for the exchange of migrants and tourists; expand the range of financial services and adapt them to the needs of migrants and the population that receives foreign currency; and finally, strengthen and expand the relationships of Mexican bank correspondents with correspondent banks to repatriate dollars. Alejandro Díaz de León, governor of the central bank, said that the institution will be able to make available to banks a technological platform that allows verifying the information of migrants to mitigate risks in operations with dollars in cash, as well as a mobile application that allows them to The migrants know financial products according to their needs and the search for exchange centers.

The governor indicated that work is already underway on this initiative and it will be implemented in the coming months, when the first provisions on the matter are in place, which are addressed through circulars and consultations, while some others need technological development that takes more time to settle.