Directo a Mexico program

Referrence: Directo a Mexico FAQ

Directo a MéxicoSM (Direct to Mexico) is a joint marketing effort between the Federal
Reserve Banks and the Banco de México, the central banks of the United States and
Mexico, respectively. This program is designed to help U.S. financial institutions increase
their share of the rapidly growing U.S. to Mexico remittance market by encouraging and
assisting their customers in using the Federal Reserve Banks’ FedACH International®
Mexico Service.

What is the FedACH International Mexico Service you ask? Well you came to the right place to find the answer. International Personnel Management, Inc. (IPM) can show banks in the United States and in Mexico how to take advatage of the Directo a Mexico program which will help banks and customers alike.

Further information about Directo a Mexico program can be found in an article in the Havana Journal.

"The Federal Reserve and the Central Bank of Mexico are promoting a joint
program called Directo a Mexico, under which participating U.S. banks charge low
fees to send money to Mexico by using the central banks as intermediaries.

People sending money to Mexico pay as much as $15 per transaction—known
as a remittance—to companies such as First Data Corp.’s Western Union Financial
Services Inc. and MoneyGram International Inc. Those companies handle most of
the estimated $20 billion a year sent between the United States and Mexico.
Banks account for only about 5 percent of that amount."