Spanish bank BBVA, the nation's second-largest financial institution, has recently introduced a mobile app aimed at making it easier for customers in the US to send international payments to Mexico. The app, called Tuyyo, is available for Android and iOS. With this venture, BBVA hopes to tap into the $73bn market composed of money transfers exchanged between US workers and their families in Mexico, Latin America and the Caribbean.
The initial launch of the Tuyyo app is limited to US customers who send money abroad to Mexico. According to BBVA, the average amount of these international payments is $1,900 a year. BBVA also notes that the USD to MXN remittance corridor sees more than $27bn moving across borders annually, making this one of the world's most active and lucrative transfer markets.
BBVA will test the app's functionality in this limited capacity first before distributing Tuyyo (which means “you and I” in English) with a wider release throughout Latin America. In future versions, the app will also support insurance, retail payments and micro-financing. For example, a sender could purchase a new appliance and make installment payments directly to the retailer through the Tuyyo app.
For now, Tuyyo only supports US customers who send international money transfers to Mexico. Within minutes of a payment being sent, recipients can access their money at any of Mexico's 11,000 BBVA Bancomer ATMs or at thousands of cash delivery locations across the country. Funds can also be directly deposited into a bank account at BBVA's partner institutions.
There is also a messaging component built into the app which allows users to send photos and personal messages along with funds to family and friends. These messages are shared within the app and sent via email, SMS or WhatsApp. In future releases, BBVA says users will be able to record and send video and voice messages.
“People feel a strong sense of duty to help out their families,” said Derek White, BBVA's Global Head of Customer and Client Solutions. “This is one way to say, 'We still love you even if we can't be together right now.’"
The sender's first international transfer through the Tuyyo app will entail the foreign exchange fee only — no additional fees will be charged. After that, each transfer will cost a flat rate of $5.49 plus the standard FX rate.
Recipients do not need to have a bank card or account, but must visit a BBVA Bancomer branch before gaining access to their first payment in order to establish themselves. Once their identity has been verified, recipients will get a unique code that can be used at any BBVA Bancomer ATM to withdraw their funds.
Tuyyo is already live and is available for free download on Android at Google Play or on iOS at the App Store.
