According to The Bank of México, over $56 billion in remittances were estimated to have been sent from the U.S. to Mexico last year, setting yet another annual record in payments wired from the Mexican-American community to relatives, friends, and other associates. All but a tiny fraction of those payments are believed to have been sent electronically.
A major thorn in the side of those who remit money to Mexico (and elsewhere) are the significant fees companies charge which, on average, tax U.S. senders 4.18% of the total amount they're sending to Mexico, denying the recipients a sizable chunk of money that could be used for vital necessities. While fattening the pockets of some cigar-smoking remittances baron with a shriveled black heart and Rolly Fingers mustache.
A Mexico City-based company named Broxel is promising to change this with a new website that offers people the ability to send money to Mexico fast and totally free, by charging zero fees. Broxel offers both personal and business accounts, and also allows customers the ability to create separate accounts for both Mexican pesos and U.S. dollars.
On its website, Broxel persuasively lays out the case that it's a humanitarian and social equity effort here to change the world, citing honesty, transparency, empathy, and integrity among its "core values."
In 2022, it's pretty hard to believe companies—tech, fintech, and otherwise—who say they have the world's best interests at heart, at face value. Naturally, we've been warned numerous times that if a product is free, it probably means you're the product.
Nonetheless, Broxel has another ace up its sleeves in the form of two of the world's most recognizable, most darling, Mexican-American dimples: A.C. Motherfucking Slater, folks. That's right. L.A. Mag lets us know that Chula Vista's own Mario Lopez has signed on to serve as the spokesman for Broxel. Slater, er, Lopez relates his own experiences with remittances to the publication, saying he and his family in the States have sent a lot of money to Mexico in the past and that he understands the pains caused by "pricey" fees.
“I just want people to save as much money as possible because every dollar counts, especially in Mexico... I just think it’s very cool and essentially makes a more fair economy for the Latino community because they’re saving a lot of money [in] really high fees,” Lopez told L.A. Magazine, which doesn't mention whether or not this role is paid.
Now, it's not like Mario hasn't lied to us before. We also seem to recall a rather dubious scheme to win the title at the 1990's "Miss Bayside" competition.
But Broxel seems to be on to something that will doubtlessly benefit millions of people on both sides of the border, and perhaps the whole world (global remittance is estimated to be a $430 billion industry) allowing hard-working people to put more of their money where it's intended. Its model may also push other remittance services to reduce or eliminate their own fees or perish completely on the battlefield.
More to the heart of the matter, though, would these dimples ever lie to you?