It’s hard being away from your family, but financially supporting them shouldn’t be.
Banorte is helping ease the burden with its family remittance service, allowing wage earners in the United States to share a portion of their earnings with family in Mexico through a commission-free disbursement.
It is not uncommon in many countries and cultures for family members to live in the U.S. for work to support family remaining in their home countries by sending them a portion of their pay through family remittances.
In Mexico, almost 2 million households depend on family remittances for their basic income.
While many remittances are collected in cash, a recent study found an increase in those using bank transactions.
The study by the Center for Latin American Monetary Studies, with information from Banorte, said the percentage of remittances being collected through bank accounts rose to 58 percent from 24.5 percent between 2016 and 2021.
Last year alone, Banorte helped more than 280,000 households with family remittances – all without deducting a service charge – part of a goal is to promote savings and money management while reducing transaction costs for customers.
Banorte’s goal is to leave a positive impact on those who receive remittances, simplifying access to their money with minimal costs and risks. That’s made possible thanks to the technology by the money transfer platform uLink, through its subsidiary UniTeller in the United States.
Mexican President Andrés Manuel López Obrador recognized UniTeller’s uLink, a subsidiary of Grupo Financiero Banorte, for being the best-rated money transfer company in 2020.
The family remittance program is another measure of Banorte’s pledge to being the bank that remains closest to Mexican families and businesses alike.
“For Banorte, having the best remittance company in the country is a sign of its commitment to supporting Mexicans and their families wherever they are,” said Banorte Chairman Carlos Hank González.
So, what are family remittance services? They are non-commercial monetary transfers between family members in the United States and family members in another country, such as Mexico.
Why are they necessary? Family remittances allow wage earners to support their families from afar. They have a positive socioeconomic impact for both families and their communities and promote financial inclusion and collaboration among different groups.
How does it work? The Banorte remittance service collects money transfers sent from abroad and to any of Banorte’s 1,170 branches throughout Mexico and its more than 17,000 correspondent banks. The goal is to promote savings and money management while reducing transaction costs for the bank’s customers through the commission-free disbursement.
Does it work? The United Nations Development Program found that Banorte remittance services helped achieve one of the bank’s sustainable development goals – reducing income inequalities within and between countries.
More on Banorte family remittance services here.