LatAm List – Bnext, a Spanish neobank, is launching into Mexico with 170,000 people signed up on the waiting list.
Bnext is an online banking app that allows customers to open an account, save money, and make international transactions at low costs. The app notifies you for each transaction and customers can temporarily lock and unlock their payments cards online.
In contrast to traditional banks, Bnext offers much lower international transaction fees, allowing Spanish customers to withdraw money three times a month and spend up to €2,000 ($2,167) abroad without foreign exchange fees. Mexican customers will be able to withdraw twice a month free of charge.
The startup currently has 12 employees in Mexico City where it plans to launch operations towards the end of 2020. Bnext is also looking to expand into other Latin American countries in the future, as well as develop more services such as financial services for SMEs.
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