Mexicans who went to live in other countries have a series of difficulties that they must overcome in order to establish their life in their new country of residence. Adaptation to climate, language, culture, along with immigration problems are some of the obstacles that Mexicans in other countries must overcome.
Financially, in order to have access to bank accounts, credit cards and other financial products, the individual must have their immigration status regularized, which, we know, is not always possible.
If you do not want or cannot wait to regularize your financial status and meet the requirements that banks ask for in order to open a bank account, one of the alternatives is to resort to the use of technological financial services to be able to manage your finances in a better way.
It is important to emphasize that inclusion in the banking system of the new country of residence offers the migrant peace of mind in managing their finances, greater planning capacity and an option to grow their assets and savings with financial instruments.
Banking
Ethien Salinas is co-founder and head of technology at Íkualo, a fintech aimed at the migrant market excluded from the traditional financial system, and he points out that the first wall he hit was the banks’ refusal to give him a debit card, since he is a Mexican migrant in Spain.
“I thought I would be able to get a card quickly, in Mexico I had a Santander account and when I went to Santander in Spain I realized that they are different banks. They denied me opening the account, even though I arrived with an established job,” Ethien described.
In a fintech it is possible to open a digital account in minutes with a valid passport at hand. One of the main advantages of using this form of banking is the possibility of a multi-currency account.
“In our case, when you open an account through our application you receive a digital card with which you can start operating immediately,” said Ethien, adding that it is possible to deposit cash through traditional bank ATMs with which They have agreements.
In addition to making payments in establishments, or being able to save income on a debit card, it is also possible to direct debit payments and make online purchases with the cards they offer, and in some companies, physical cards are issued at the user’s request.
Additional financial products
It is important to note that your credit score does not migrate with you, so if at any time you would like a mortgage, credit card or loans from a traditional bank, the credit cards and microcredits that some fintech companies offer are the best option.
“An analysis is done based on the remittances sent per month, income, the number of times the debit card is used, and we determine which clients are ready for credit or even mortgages,” said Harold Correa, co-founder of Ikualo.
The remittances
One of the points that matters most to the migrant user is the way in which they will be able to send and receive money to and from their country of origin. Having a favorable exchange rate, the lowest fees and the security that the money will arrive without any inconvenience are the priorities of those who send remittances.
In this area, fintech, by offering multi-currency accounts, facilitate the management of money in various currencies and reduce exchange rate costs. In sending money, some are starting to use cryptocurrency mechanisms to make international money sending even cheaper.
“We are about to launch the sending of remittances using tablecoin, which allows the recipient to have the money in a matter of minutes and safely,” declared Harold Correa, emphasizing that it can be done bidirectionally.
He highlighted that, in three months of Íkualo’s operation, migrant users send an average of 175 euros per month to their families in Latin America and that 9% of its users are of Mexican origin.
