Western Union Financial Services, Inc., a worldwide leader in money transfer services, today announced a partnership with the Mexican government to develop a powerful new online tool to help consumers understand their options as they send money to loved ones across the U.S./Mexico border.
Working cooperatively with the National Commission for the Protection and Defense of Financial Services Users (CONDUSEF) and with its industry competitors, Western Union has developed a Remittance Calculator that will allow U.S. consumers to understand and compare a variety of factors when transferring money from the United States to Mexico. The online Calculator will allow a person sending money from the United States to Mexico to compare and contrast different remittance providers based on such important attributes as cost, speed, security and the convenience of locations for both senders and recipients. Consumers who wish to factor in the philanthropic principles of the financial services companies they patronize will also be able to view information about the charitable and community activities of each vendor participating in the Calculator.
The Calculator is undergoing final testing and will be available to the public later this spring.
"With more than 150 years' experience in pioneering money transfer services, Western Union has achieved unparalleled brand recognition and brand loyalty worldwide through the development of products and services that enable families to share their assets safely and securely," said Christina Gold, president of Western Union Financial Services, Inc. "As an industry leader, we see significant value in our work with CONDUSEF to create a resource that provides full visibility into the cost of each remittance transaction. Hundreds of thousands of consumer-to-consumer money transfers take place every day, and it is a highly competitive market. The Remittance Calculator will reveal a diversity of options for consumers, and is an important tool that creates the type of informed marketplace in which we prefer to compete. We will always work to create more choice and control for the consumers we serve."
Participation in the Remittance Calculator is available to any financial services company legally authorized to provide service from the USA to Mexico. Those currently involved represent more than 65 percent of the remittance flow to Mexico. Each participating vendor is responsible for providing and maintaining its own data to ensure the information online remains current and factual. To enhance credibility and accountability, the Calculator also allows consumers to provide input whenever they find information provided by a participant company is inconsistent with what they experience in actual use.
"The significant growth of remittances between the U.S. and Mexico is a testimony to the enormous ties and commitments that migrants maintain with their families and communities back in Mexico," noted Greg Salgado, President of the Federation of Guerrerenses, a Chicago-based association representing migrants from the Mexican state of Guerrero. "But as the options for sending money have multiplied, so to has the potential for consumer confusion. Western Union has for years helped Mexicans in the United States send their money home safely and efficiently, so it is no surprise to see them take a leadership role in an initiative such as this which combines the latest technology with the highest possible devotion to customer service."