Knowing how hard customers work to provide their families back home with better opportunities, Chase has introduced Rapid Cash, an easy new way to send money to Mexico for free.
"At Chase we are committed to serving the Hispanic community by providing products and services tailored to their specific needs," said Rebeca Vargas, head of multicultural marketing at Chase. "When customers told us that they wanted an affordable, safe and convenient way to send their hard-earned money back to loved ones in Mexico, we created Rapid Cash. Now, we are bringing it to customers in New York."
Last year, Mexicans in the United States sent an estimated $20 billion to Mexico - mostly to family members.
Rapid Cash allows Chase checking account customers to make three free transfers - as much as $1,500 each - per monthly statement cycle. The money is transferred to Banorte bank, which has more than 1,000 branches and 2,800 ATMs in Mexico, and deposited into a Banorte account or picked up at any Banorte branch in cash for no fee.
Customers can send cash quickly and easily from their Chase personal checking account by visiting any Chase branch in the New York metro area. Qualifying individuals can open an account in just minutes. Customers can use their Mexican Matricula Card as a form of identification to open the account.
Rapid Cash was first introduced to Chase customers in Texas, then rolled out to a larger part of the country and now to Chase's largest market: the New York Tri-state area of New York, New Jersey and Connecticut. The launch of the service in New York will be supported with TV and radio advertising.