How does BanesConecta, Banesco’s platform for sending remittances to Venezuela, work?

• This tool was launched on July 18 by the executive vice president of Products, Services and Payment Methods of that banking entity, Juan Carlos Fonfría | Main photo: El Pitazo

Banesco bank launched a new service called BanesConecta, which will allow remittances to be sent from abroad to Venezuela. The executive vice president of Products, Services and Payment Methods of Banesco, Juan Carlos Fonfría, officially presented this tool on July 18.

“BanesConecta is a new portal that we have developed for sending and receiving remittances for Banesco clients. This portal is designed so that migrants living outside of Venezuela can send remittances to their families in a fast, safe and simple way,” said Fonfría.

The executive explained that in order to access this platform, you must enter the Banesco web portal and select the BanesConecta option through the following link: (https://banesconecta.banesco.com/).

How to use the BanesConecta platform

If you are not a Banesco customer, you must register on the platform. You must provide your first name, last name and a primary email address so that it is linked to the profile that will be used to operate on BanesConecta.

The user must also assign a secondary email address, which will be used in case the primary email address is forgotten. Finally, a login password must be established. If the user is a Banesco client, the person can log in with their profile and password.

“Once the person is registered, they must provide their credit card, which is the one they will use to send the remittances. Once they have registered it, the process is very simple. With only the recipient’s ID information, the remittance can be sent. The person will receive it immediately in bolivars,” added Juan Carlos Fonfría.

Photo: Screenshot / BanesConecta

Which cards can be used to send remittances?

The Banesco executive explained that the cards that can be used to send these remittances must be Visa or Mastercard, either debit or credit. He also revealed that the commission that will be charged for sending the money is 4%.

“This fee is charged to the sender, the recipient will not have to pay anything. There will be no charge for receiving the money,” he said.

Likewise, the limits established by the bank for sending remittances through BanesConecta are the following:

-500 dollars a day

-$4,000 per month

-8,500 dollars per year

Fonfría highlighted that in two days of launching the new product, 200 users have benefited from it, as they have received a total of around 8,000 dollars through BanesConecta.

“Starting this week we are going to start with stronger advertising. We are going to use influencers (through social media) and so on. A very important aspect is that we are going to be advertising in the markets where the remittances originate so that those people who are abroad know how they can send money to their families,” he said.

The executive said that with this product Banesco hopes to capture 10% of the formal remittance market in the country. He explained that approximately 12% of the remittances that enter Venezuela do so formally, while the rest are in the informal market.

He also highlighted that the experience with MoneyGram, another Banesco product, allows them to determine that the largest number of formal remittances come from the United States, Spain and Canada, while countries such as Colombia and Peru, with a large number of Venezuelans, do not stand out in these statistics.

“This is due to the fact that in these countries people have to resort to an informal market to send remittances. That is why this product has three characteristics: speed, the security of having the backing of a company like Banesco, and the cost associated with the product, which is very low,” he concluded.

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