Coinbase Lets Immigrants Send Remittances To Mexico Via Crypto And Pick It Up At Retailer
crypto in local currency at over 37,000 locations across the country
Immigrants and expatriates sent about $700 billion from the U.S. back home to their families in the form of remittances. But the sender fees can easily reach 6% or 7%.
That’s why Coinbase is enabling people to send money from the U.S. to Mexico in the form of cryptocurrency with fees that can be much lower.
One of today’s problems is that recipients can often only receive funds as cash in their local currency so they don’t have an option to save
grow, or protect their funds from losing purchasing power due to currency depreciation.
Customers today can already instantly send crypto to recipients in Mexico directly from their Coinbase app.
And today Coinbase is introducing the ability for recipients in Mexico to cash out funds in their local currency.
The lower price of sending money and flexibility in how to store funds will allow recipients to keep even more of their money.
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