Introduction to Santander México’s New Initiative
Starting Thursday, Santander México customers can now send international transfers through the bank’s app without any associated fees. This move makes Santander México the first bank in Mexico to offer this benefit, eliminating a 15-dollar charge per transfer.
Details of the New Service
- No transfer fees for international transactions via the Santander México app
- Available 24/7, seven days a week for seven currencies: USD, EUR, GBP, CHF, SEK, JPY, and CAD
- No minimum transaction amount or limit on the number of transactions
- A streamlined three-step process for sending funds abroad
The service applies to account-to-account transfers, distinguishing it from cash remittances like international money transfers.
Automatic Benefit for All Users
Santander México emphasized that the fee elimination is automatic for all app users, requiring no additional paperwork. Customers only need to input the recipient’s details (SWIFT or ABA code, account number, and basic information), select the transfer amount, and confirm.
For US dollar transfers, a Wire Transfer Number will be necessary.
All transactions are conducted under the highest security and encryption standards, adhering to Mexican and international regulations.
Leadership Perspective
Felipe García Ascencio, Director General of Banco Santander México: “By offering this option, we are transforming international transfer services. We’re making transfers directly accessible via the app and eliminating fees, demonstrating our commitment to clients with international needs.”
Global Financial Landscape
Gerardo Vargas, FX Domain Responsible at Banco Santander México, stated: “By being the first institution to completely eliminate international transfer fees, we’re supporting our clients’ operations in an increasingly global financial environment. This move saves millions of dollars annually for our clients.”
He further added, “This innovation reinforces Santander’s position as a leader in international transfers and showcases our bank as the differentiator in Mexico, providing borderless experiences for our customers.”
Key Questions and Answers
- What is the new initiative by Santander México? Santander México has eliminated international transfer fees via its mobile app, offering a fee-free service for account-to-account transfers in seven currencies.
- When does this change take effect? The new policy began on Thursday.
- Which currencies are supported? The service supports USD, EUR, GBP, CHF, SEK, JPY, and CAD.
- Are there any transaction limits or minimums? No, there are no restrictions on the number of transactions or minimum amounts.
- How secure are these transfers? The transactions are conducted under the highest security and encryption standards, adhering to Mexican and international regulations.
- What distinguishes this service from cash remittances? This service facilitates account-to-account transfers, unlike cash remittances which involve sending money in physical form.
