NEW YORK – New York City Mayor Zohran Mamdani opposes Western Union’s $500 million acquisition of International Money Express (Intermex), arguing that the merger will create a monopoly that drives up fees and reduces service quality for immigrant families sending money home.
Mamdani believes this reduces vital competition, creating a “direct wealth transfer” from vulnerable communities. He argues that combining the two massive remittance entities acts as a “private tax” by driving up wire transfer fees. Intermex specializes in remittance channels from the U.S. to Latin America and the Caribbean.
In an official letter to the New York State Department of Financial Services (DFS), the Mayor urged regulators to block the transaction outlining his concerns about the acquisition which he argues eliminates direct competition between Western Union and Intermex, particularly in the market for remittances from the United States to Latin America.
According to Mamdani, “the reduced competition will result in higher fees, less transparent pricing, and less favorable exchange rates for immigrant families”.
In part of a broader effort to protect vulnerable communities, Mayor Mamdani contends that the merger will exacerbate financial strain on immigrant workers who rely on these services to support families abroad.
Mamdani’s intervention in the $500 million deal, announced by Western Union last year, is part of a broader, often criticized, socialist agenda aimed at protecting consumer interests.
International Money Express (IMXI) Shares Fall
Following a report of the Mayor’s intervention, shares of International Money Express (IMXI) fell between 3.5% and 4.4%. Despite the mayoral opposition, the firms are actively pushing to execute and finalize the merger within the second quarter of 2026.
Intermex indicated in its latest SEC disclosures that money transmission regulators in 51 U.S. states and territories have already approved or raised no objection to the deal.
Approval is currently pending in just one final state.
