BBVA Launches Global Mobile Money Transfer Service BBVA Bancomer
go to original October 21, 2017

Learn more about Tuyyo, the most convenient way to send money – and stay connected – to friends and family (BBVA Transfer Services)

Sending money to friends and family in Mexico just got faster, more convenient, and a lot more personal.

A new online app-based service called Tuyyo, launched this week and powered by BBVA, will upend the $73 billion annual market for remittances to Latin America and the Caribbean from the United States.

In the initial phase - the USA to Mexico corridor - the app will deliver huge benefits for both senders and receivers in what is by far the world's biggest remittance market where more than $27bn flows annually.

Globally, the remittance market is set to exceed $600bn this year and reach close to $629bn in 2018.

By eliminating the need for money transfer agents to be involved, and by opening up more than 11,000 Bancomer ATM machines in Mexico to those receiving the money, Tuyyo offers almost instantaneous transfers and far more convenient access to the funds, while minimizing the costs involved. Recipients will also be able to get the funds straight from their bank account and still at cash pick up locations.

Tuyyo will also enable senders to include a message with the notification of the remittance, so they can ensure their friend or family member sees the love as well as the money coming in. In later phases, it is planned that this message service will expand to include voice and video messages, ensuring the remittance process can properly reflect the reasons people send money across the border.

Further evolutions include being able to offer insurance or micro-financing solutions with the sender paying the bill through the app for the benefit of the receiver - for example to buy a new refrigerator where the installments are paid through the app direct to the retailer.

Tuyyo is piloting the service with money transfers from the U.S. to Mexico, where the average amount sent by workers in the U.S. is about $1,900 per family per year. Initially, Tuyyo will be available in the United States and Mexico but will soon be rolling out to the rest of Latin America.

Sending money abroad is often a critical means to help loved ones pay for core expenses back home. BBVA Research has shown housing and health costs are the most common expenditures of remittance funds, followed by education, paying off debts and starting a business.

"People feel a strong sense of duty to help out their families," said Derek White, Global Head of Customer and Client Solutions for BBVA. "This is one way to say, 'We still love you even if we can't be together right now.'"

With Tuyyo, users can:

• Send money 24/7 to Mexico

• Pick up funds within minutes of being sent

• Retrieve funds in whatever way is convenient: ATM pickup, bank account and cash pickup locations

• Minimize the costs involved in receiving money - either those charged by money transfer agents or due to travel costs to collect the funds.

Download the app here: iOS | Android

Read the rest at BBVA Bancomer

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