Miguel Hernandez makes just $7 an hour, but the Waukegan factory worker and other Mexican immigrants have been wooed relentlessly in recent years by the nation’s richest and largest banks, who see a growing, almost untapped market.

On Thursday the competition will intensify when Bank of America rolls out a program that allows immigrants to send money to Mexico without paying any fees, believed to be a first among major banks.

The program will begin in Chicago and spread to other cities later this year.

Although the free service is limited–to qualify, senders must hold checking accounts at the bank and recipients can pick up the money only at certain Mexican banks or ATMs–financial regulators say the decision is a milestone.

Michael Frias, who works with 37 Midwest banks and Mexican government officials to promote financial access for immigrants, said he knows of no other banks that offer money transfers without fees.

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