Zohran Mamdani is urging New York regulators to block Western Union’s proposed acquisition of rival remittance company Intermex, arguing the $500 million deal could increase costs for immigrant families sending money abroad.
In a public post on social media, Mamdani said thousands of working-class New Yorkers rely on Western Union each month to send money to relatives overseas and warned the merger could allow the company to “jack up remittance fees and squeeze families even more.”
“Families shouldn’t pay the price for corporate monopolies,” Mamdani wrote.
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The mayor’s comments followed reports that he sent a formal letter to the New York State Department of Financial Services asking the agency to reject the transaction on antitrust and consumer-protection grounds.
According to reporting by Semafor and other outlets, Mamdani argued the merger would reduce competition in key remittance corridors heavily used by immigrant communities, particularly Latin American families sending money home from the United States.
The mayor said the deal could lead to “higher fees, worse rates, poorer service, and other impacts” for immigrant households already facing rising living expenses and new federal remittance taxes. Western Union announced plans last year to acquire Intermex, a fast-growing remittance provider focused heavily on transfers to Latin America. The transaction still requires approval from state financial regulators.
Western Union defended the proposed acquisition, saying the merger would help preserve affordable remittance access and strengthen competition against digital-only financial platforms. The company also warned that blocking the deal could threaten hundreds of jobs tied to retail remittance operations in New York City.
The debate reflects a broader national political fight over antitrust enforcement and corporate consolidation, particularly under the Trump administration, which critics say has taken a softer approach toward major mergers.
Mamdani’s intervention also highlights the growing influence of progressive antitrust thinking inside New York politics. Former Federal Trade Commission Chair Lina Khan, known for challenging large corporate mergers during the Biden administration, reportedly remains an outside adviser to the mayor. Industry analysts note that remittance services remain critical financial lifelines for immigrant communities, with billions of dollars transferred annually from the United States to families across Latin America, Asia, and Africa.
Regulators have not yet announced when a final decision on the merger will be made.