BBVA has launched Tuyyo, an online app-based service that opens up more than 11,000 Bancomer ATM machines in Mexico to recipients of remittances.
Tuyyo offers almost instantaneous transfers without an intermediary service and allows the sender to include a message with the remittance notification.
With Tuyyo, users can:
- Send money 24/7 to Mexico.
- Pick up funds within minutes of their having being sent.
- Retrieve funds however it’s convenient: via ATM, bank account or cash pickup location.
- Minimize the costs involved in receiving money — including fees paid to money transfer agents and travel costs to collect funds.
By using the Bancomer Transfer Services network of partner banks and agents, and leveraging its relationship with BBVA Bancomer, Tuyyo can address two common complaints:
- Inconvenience in picking up money from paying agents during regular business hours.
- Delays between the time money is sent and when it’s available.
The first transfer with Tuyyo is free; after that BBVA charges a flat fee of $5.49 for remittances to Mexico.
First time recipients in Mexico must pay a one-time visit to a BBVA Bancomer branch to verify their identity. After that, they can go to any Bancomer ATM to withdraw remittances.
“With traditional remittance providers, the money has to go through a series of different agents before it gets to you,” BTS Chairman Gabriel Palafox said in the release. “Because Tuyyo runs on the BTS rails, the app allows the sender, through BBVA, to actually just move the money directly to the payment locations — this increases speed and maximizes convenience.”