Banco del Bienestar enables transfers to 11 private banks

Banco del Bienestar has launched a new mobile application feature that allows users of the Tarjeta del Bienestar to transfer funds directly to accounts at 11 private banks. This update utilizes the Interbank Electronic Payment System (SPEI), managed by the Bank of Mexico, to facilitate interbank transfers.

Previously, users needing to move funds to other institutions had to withdraw cash and manually deposit it at a destination bank branch. The new digital functionality allows for direct transfers, balance inquiries, and payments via smartphone, reducing the need to handle physical cash and minimizing associated security risks.

While the service supports transfers to institutions such as BanCoppel and Banco Azteca via SPEI, users should note that specific procedures may vary depending on the service available at the destination institution. To use the service, customers must download the app from Google Play or the App Store and register using their mobile number, debit card details, and a security PIN.