IR net stands for International Remittance Network, a safe and economical way for credit union members to send money internationally and domestically. For nearly 20 years, Vigo has been offering international money transfer services as a bonded, licensed and regulated non-bank financial institution. Domestically, money can be received at over 1,400 locations in 29 states. In Mexico alone, funds can be received at over 4,000 combined locations of Banmex, Bancomer or Farmacias Benavides. The receiver is not charged any fees for receiving money and does not have to be a member of the paying credit union.
Exchange rates vary daily from country to country.
The system is updated daily to reflect the most current rates. Promotional pricing on remittance fees is possible in coordination with World Council. Existing wires systems in the US were created for large-dollar domestic payments rather than the small international transfers made by most immigrants. Recipients do not even need to have an account to pick up funds. Brochures, posters, flyers and media kits are available free of charge to credit unions to help them market this service.