How Tern Helped TransferMex Empower Migrant Workers

July 6th, 2022

TransferMex empowers seasonal workers and employers by making it easy to get paid and send money to Mexico. By leveraging the Tern platform, TransferMex seized the opportunity to give both employers and Mexican migrant workers in the U.S. a solution that addressed prior issues while offering a unique value proposition to all parties involved.

The Story of TransferMex

TransferMex identified a problem impacting U.S. employers and the migrant worker community. With standard banking inaccessible, employers have to print checks which slows payroll.

Workers rely on costly check cashing and slow remittance services to get money and send it back home. In this model, no one is getting what they need, and everyone is paying more than they would like.

TransferMex has developed a solution to this problem through a partnership with Tern. They use the entire Tern platform stack to issue virtual and physical cards, KYB employers, KYC employees, and move funds cross-border.

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Challenges TransferMex Faced

Mexican migrant workers encounter various obstacles in the areas of getting paid quickly and sending money back home inexpensively. When cost and speed are compromised, friction is created between all parties-the employer, employees, friends, and family.

Legacy platforms create limitations such as delays, withheld funds, low data processing capabilities, and manual processes. People back home may wait for days or even weeks to receive funds due to any of the hiccups in using outdated platforms.


Why TransferMex Chose Tern

When other partners fell short in checking all the boxes, TransferMex discovered that Tern could solve their unique challenges. They quickly realized the untapped potential that Tern could offer. Using Tern’s No Code solution, TransferMex could meet their customer needs while delivering a best-in-class product for all involved.

How it works

TransferMex is a bilingual application used to help seasonal workers get their paycheck and send funds home. New employers sign themselves up and link their bank accounts for funding. Workers are enrolled and complete identity verification.From there, employers can begin paying their workers to their TransferMex account. Workers then have the ability to use their card to shop, get cash at ATMs, and send money to friends and family in Mexico. On average, workers send over30% of their earnings home on payday.

1. New Employers signup to the program and enroll their workers.

2. Employers can pay workers using a portal OR can deposit funds viaACH using any traditional payroll system.

3. Workers receive money on payday to prepaid cards, and can send funds back home the same day to loved ones.

The Results

TransferMex successfully launched and is rapidly growing the service. Over just the last 12 months, members have increased by over 1300%. The platform has loaded over 40.5 million dollars and sent 12.5 million back home. With growth quarter over quarter in the hundreds of percentages, this is just the beginning of the value this program can continue to provide.


Member Increase

Program success has driven worker participation over the last year.

$40.5 Million

Payroll Deposits

Employers pay their seasonal workers while they are working in the U.S.

$23.3 Million

Card Spend

Over 57% of the funds deposited to workers is used for living expenses while in the U.S.

$12.5 Million

Sent to Mexico

Over 31% of payroll deposited is sent back home to Mexico each pay period.

Looking to the Future

TransferMex plans to onboard direct users in the future rather than requiring employers to take part. Tern is adding remote deposit capture (RDC) to allow workers to load their paycheck on their own. This will allow anyone to securely load cash, spend at any US retailer, and send money home to bank accounts and cash pick-up locations. Tern is in the process of helping TransferMex issue Mexican peso cards in Mexico. This would allow workers to transfer funds from their US card to their families cards in real time 24/7.

Working with the Tern team has made it easy - it truly is fintech-as-a-service. I came to them with our vision and they got us into market saving us 12 months and $500k in development costs. - Elisa Salinas - Director, TransferMex

Learn More

Tern’s platform is an ideal option to issue flexible cards with advanced capabilities, like remittance. We work closely with our customers to bring products to market quickly using our low code and no code infrastructure. To learn more about how Tern may be able to help your business, click below. Or browse our website for more information.

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