Intermex is a remittance service that specializes in the transfer of funds from the United States to the Latin American corridor. Founded in 1994 by John B. Rincon, Intermex first began operations in Washington State and Oregon, rapidly expanding to first Florida, eventually becoming licensed in 10 states by the year 2000. In 2004, operations were launched in Texas, a significant move, due to the state’s large Hispanic population. Major investment arrived in 2006 when New York-based Lindsay, Goldberg, & Bessemer acquired the majority stake in Intermex. The company is currently licensed in 45 states and 16 Latin American countries. Intermex is based out of Miami, Florida, in addition to numerous offices in Mexico, Guatemala, South America, Central America, and the Caribbean.
Global Reach / Currencies Available
In May of 2016, Intermex was acquired by Stella Point Capital, a New York based private equity firm specialized in growth capital investments. Stella Point focuses its attention on operations based within North America, with hopes for further international expansion in the future. At present, this means that Intermex does not possess the global reach or variety of currencies a competitor might. The company’s current reach extends throughout Mexico, Guatemala, Argentina, Colombia, Peru, Uruguay, Chile, Brazil, and Ecuador, as well as several locations in Central America and the Caribbean, including El Salvador, Honduras, and Costa Rica.
Transaction Ease
Intermex boasts a constantly growing network of transfer agents. Agents can be accessed at any of the 3,000 locations within the United States or via the Intermex Call Center. Agents use CashDirect™, Intermex’s unique wire transfer system. At the publication of this article, Intermex does not have any mobile phone applications. Customers may also receive assistance with money orders and check cashing in select states. Intermex’s primary focus is exceptional customer service; as their website boasts, “[company] culture is centered on the importance of each individual wire.”
Transaction Timing
Intermex is unique in its use of CashDirect™, which allows its agents to process transactions safely and quickly. Most wire transfers made in person are paid within the hour. Customers are also able to transfer funds over the phone, using the TeleWire service. Intermex’s Call Center is open from 7:00am-1:00am EST.
Online Offering / Helplines
Intermex’s website was aesthetically pleasing and easy to navigate. Hotlines and email accounts for tech support, customer service, accounting, etc. were clearly provided with hours of operation. Addresses for the three main offices (Miami, Mexico, and Guatemala) were also readily available. What was not readily available was a list or a way to easily find the 3,000 locations Intermex claims to have. This may be less convenient for customers sending money to Latin America, as it will take more time to find an Intermex location.
Overall Summary
Since its inception over twenty years ago, Intermex has established itself as a leader in the transfer of funds from the United States to the Latin American corridor. Its reach spans 45 of the continental states and 16 countries, with over 30,000 payer locations, a vast network of customer service agents, and a unique trademarked software system that allows for swift payment. Currently, the company does not allow customers to transfer funds via its website, nor does it have a developed mobile phone application. It would seem that these two developments are not far within reach though, given Intermex’s already impressive presence throughout the United States and Latin America.
Trying to find the best way to send money internationally to Latin America or another country? Learn how to compare companies before sending money or check out our company reviews. After your research, use our comparison tool to find the currency specialist that best fits your particular needs.
