FedACH Services Mexico

Date Shared:

Wednesday, January 15, 2014 - 16:00

Countries and areas:

Mexico, United States

2030 Agenda migration-relevant and related target Labels:

Goal 10: Reduced inequalities - 10.c on remittances costs reduction

Targets that could benefit from the potential of migration and migrants

GCM Thematic Cluster Areas:

Objective 20: Promote faster, safer and cheaper transfer of remittances and foster financial inclusion of migrants

Contributors:

Member States

Chairmanship:

Belgium 2007

Geographical Relevance:

Bilateral

Tags:

Regional Consultative Processes and International Regional Fora, Remittances, Diaspora Empowerment and Engagement, Legal Frameworks on Migration

Summary:

The central banks of Mexico and the US have signed an agreement that allows banks to to transmit electronic fund transfers from the USA to Mexico through the Federal Reserve Banks’ Automated Clearing House (FED - ACH).

The FedGlobal Mexico Service offers US financial institutions the added benefit and convenience of promotional materials and tools to aid in promoting the service to their customers and pre-opening accounts at participating institutions in Mexico.

Link:

For more information:

https://www.frbservices.org/financial-services/ach/fedglobal/mexico.html

GFMD Source:

GFMD 2007 - Roundtable 2.1 "Improving the formalization of transfers and reducing their cost."

GFMD 2014-2015 - Roundtable 1.2 "Reducing the human and financial costs of international migration, particularly labour migration: Cooperative approaches to fair recruitment practices and lower remittance fees"