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Western Union Co. expanded its cross-border remittance capabilities Wednesday with the announcement it is partnering with 7-Eleven Mexico to enable money transfers from 1,800 7-Eleven locations in Mexico. The agreement will enable Mexican citizens to send money to more than 200 countries and territories in which Western Union operates, in addition to 14 states within Mexico.
Remittances in Mexico have been growing at a steady clip, totaling $53 billion from January to November 2022, up 13.5% from $46 billion recorded during the same period in 2021, according to the Bank of Mexico.
Consumers making use of the service can initiate a cross-border remittance in-store, through the Western Union mobile app, or online through Western Union’s Web site. Consumers will also have the ability to send funds directly to a bank account, digital wallet, or card, as well as the option to pick up cash at any Western Union retail location. Western Union’s cross-border remittance business supports money transfers in about 130 currencies.
To receive a cross border remittance, consumers need a Money Transfer Control Number (MTCN) and one piece of identification. Once their identity and MTCN are validated, they receive the cash and a copy of the receipt. Remittance amounts are capped at 2,000 Mexican pesos, or about $109.89.
“We are very proud to establish this new strategic alliance with one of the largest retail chains in the country and the world,” Rodrigo García Estebarena, president of Latin America and the Caribbean for Western Union, says in a statement. “We look forward to working with 7-Eleven to benefit our customers across Mexico.”
