U.S. Witnesses Application surge for Finabien Bank Cards by 50,000 Mexicans: Recap of Wednesday Morning Events
=====================================================================================================
In the United States, around 30% of remittances to Mexico are sent via small stores such as grocery stores and convenience stores. However, a new and cost-efficient alternative has emerged for Mexicans living in the U.S. - the Finabien bank card.
This card, easily and quickly obtainable either at any of the 53 Mexican consulates in the U.S. or online through the official website, helps send remittances to Mexico while avoiding the new U.S. remittance tax effective January 1, 2026.
Acquiring the Finabien Card
The process of acquiring the Finabien card is straightforward. You can visit one of the 53 Mexican consulates in the U.S., where the process takes a maximum of 10 minutes and is free of charge. Alternatively, you can apply online at the official site tarjetafinabien.com/us/ or miconsulado.sre.gob.mx as an alternative source.
Requirements
To obtain the Finabien card, you will need a valid ID (voter registration card, consular registration card, passport, or U.S. driver's license), a valid U.S. address, an email address, and a cell phone number.
Activating and Using the Card
Once you have obtained the card, you need to activate it online via the Finabien website. The card functions like a regular Visa debit card linked to a checking account. It can receive direct deposit pay from employers, deposit checks and cash at 150,000 retail locations, and has a maximum balance allowed of $20,000.
Benefits Related to Remittance Tax
The card allows remittances to be sent electronically, which is more economical and circumvents the new 1% federal excise tax on outbound money transfers from the U.S., effective January 1, 2026. This makes it an attractive option for those looking to send money home without being subjected to the new tax.
President Claudia Sheinbaum has actively promoted this card as a simple and cost-effective solution for Mexican migrants to send money home.
In summary, the Finabien card offers a cost-efficient, legal way for Mexicans in the U.S. to remit money back home without being subjected to the new U.S. remittance tax. It's a valuable tool for the 30% who currently send remittances via small stores to do it electronically.
- The new Finabien bank card, available at Mexican consulates or online, is a cost-efficient alternative for sending remittances, avoiding the upcoming 1% federal excise tax on outbound money transfers from the U.S.
- For those interested in investing, it's worth noting that the Finabien card offers a way to remit money back home electronically, which can be more beneficial due to its economy and the circumvention of the new remittance tax.
- In the realm of general news, President Claudia Sheinbaum has actively promoted the Finabien card as a simple and cost-effective solution for Mexican migrants to send money home.
- In the business sector, the Finabien card functions like a regular Visa debit card, offering features such as direct deposit, deposit checks and cash at retail locations, and a maximum balance of $20,000.
- The Finance and Economy divisions of the news media have been reporting on the impact of the new remittance tax on businesses providing money transfer services, and the increasing popularity of the Finabien card as a solution for those wanting to avoid this tax. In the Crime and Justice category, the card offers a legal method for remitting funds, potentially preventing the use of unregulated channels that could lead to criminal activity.
