Revolutionizing Money Transfers to Mexico

6 Dec

REMITTANCES comprises the economic lifeblood of most Latin American economies.  Like most of the 31 million Mexicans in the U.S., Rosa Cruz must regularly send money to loved ones in Saltillo using Western Union.  Rosa is not alone, according to Columbia University over 60% of Hispanic adults transfer money to family abroad, also called remittances. However, the process is a pain: You pay extortionate fees, wait on long lines, and are responsible for notifying the recipients yourself.

A new company called Regalii plans to heal that pain. The company plans to offer a free and instant mobile-money transfers via Regalii.com. Free? Instant? Both could completely revolutionize remittances. Rather than sending cash, Regalii allows you to send gift cards via SMS for supermarkets and stores in Mexico. Now when Rosa sends money for groceries to her sister Virginia in Saltillo, she can go to Regalii.com, select recipient, choose the store, and then Virginia receives a text message with an electronic code, which can be redeemed at the selected supermarket in Mexico.  It works just like a coupon. Regalii integrates Facebook profiles, so you can even choose the gift recipient and invite other friends or family members to chip in for the cost of the gift. It is the first and only form of money transfer that’s free, instant and fun!

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