The Government of Mexico has introduced new mechanisms to make it easier for Mexicans living abroad to send remittances through Financiera para el Bienestar (FINABIEN).
President Claudia Sheinbaum highlighted that FINABIEN offers one of the most beneficial remittance options available, allowing users to retain more of their money compared to other services. She announced that, as of the latest update, 132,827 FINABIEN cards have been issued. The transaction fee has also been reduced from $3.99 to $2.99 for transfers ranging from $100 to $2,500, making the service more accessible and cost-effective.
The FINABIEN card enables users to receive direct deposits, including wages and payroll, and provides account holders with access to a U.S.-based bank account. To apply, individuals need only a valid ID, a phone number, an email address, and proof of residence in the United States.
Officials also reported that, for 24 consecutive weeks, Mexico’s consumer protection agency, Procuraduría Federal del Consumidor (Profeco), has ranked FINABIEN as offering the most favorable exchange rate through its remittance comparison tool.
President Sheinbaum emphasized the broader importance of Mexican migrants, noting that nearly 40 million Mexicans live in the United States. She described them as heroes and heroines who contribute significantly to both the U.S. and Mexican economies through their work, taxes, and remittances. She further noted that if Latinos in the United States were considered an independent economy, they would rank as the fifth largest in the world, surpassing countries such as India, the United Kingdom, and France.
Latina Republic is a 501(c)(3) nonprofit organization that tracks government initiatives across Latin America and the Caribbean. We feature official updates on immigration, the economy, social welfare, environmental policy, and cultural stories, filling critical information gaps to highlight the region’s diversity, resilience, and wealth of lived experiences.
