Bancomer Transfer Services Inc. (BTS), part of BBVA's U.S. operations, announced today it signed an agreement with Wal-Mart de Mexico y Centroamerica that will enable BTS customers to collect remittances directly at the stores of one of Mexico's largest retailers.
The move will expand the reach of BTS's money transfer system, which already has 12,000 payment locations in Mexico, to Wal-Mart's 1,100 stores in the country.
For recipients, it means they will be able to collect money sent from the U.S. at even more locations and more conveniently since Wal-Mart stores in Mexico are open year-round and have extended business hours.
"This partnership is obviously a good business decision," said Manolo Sánchez, BBVA U.S. country manager and chairman and CEO of BBVA Compass. "But more than that, it speaks to our abiding goal of building a better future for every person in every community where you see our name. We want to make these kinds of transactions safe and easy so people can then go about the business of living their lives."
Remittances constitute a major bond between Mexico and the U.S.: In April 2014, remittances to Mexico grew 2.1 percent year-over-year, according to Mexico's Central Bank.
Wal-Mart de Mexico y Centroamerica, a subsidiary of Wal-Mart Stores Inc., said that the deal makes the retailer even more of a convenient destination for its customers.
"Remittances are an important part of the economy of many families we serve in Mexico," said Antonio Ocaranza, Corporate Communications director of Wal-Mart de Mexico y Centroamerica. "This partnership with Bancomer Transfer Services will give our customers an extraordinary way to receive family remittances from their relatives in the United States in an easy, fast, safe manner — and at convenient hours."