A Card that Transfers Funds to Mexico
Citibank Money Card Account
Citibank
Mexicans and Mexican-Americans in the U.S. sent more than $9.3 billion to Mexico in 2001, according to research by the Inter-American Development Bank. Targeting this growing segment, Citibank has introduced the Citibank Money Card Account, a new card that allows account holders to send money from the U.S. to Mexico and recipients in Mexico to withdraw funds using the card.
To launch this program, Citibank partnered with Mexican bank Banamex in 2001. Banamex, founded in 1884, is a leading bank in Mexico with more than 1,400 branches and 4,400 ATMs. Banamex is also a member company of Citigroup.
U.S. Citibank Money Card Account holders may deposit or transfer funds into their U.S. account, and the Citibank Money Card holder in Mexico may withdraw the funds at any of the approximately 20,000 ATMs in the country, including Banamex's ATMs.
When a Citibank Money Card Account is opened in the U.S. the account holder provides authorization to have a personalized ATM card delivered to a designated recipient in Mexico. The recipient will receive the Citibank Money Card and a Personal Identification Number (PIN), so he or she can access the funds via ATMs in Mexico. The account holder then can make funds available to the recipient. The Mexico-based recipients are not required to have a bank account in Mexico to withdraw money at ATMs with the Citibank Money Card.
According to Citibank, account fees for the card are competitive compared to other ways of transferring money to Mexico. Citibank's fees include a $5 monthly maintenance fee and a $7.95 fee for each withdrawal transaction in Mexico. These fees are charged to the U.S. account and are not deducted from the recipient's cash withdrawal. It's a solution Citibank's customers have been asking for.
Citigroup
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800-285-3000
www.citigroup.com
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