- Remittances in Mexico rise by 22.44% this first semester of 2021, reported in its monthly report the Bank of Mexico
- They indicated that during the first six months of the year, Mexicans have received almost 4.44 billion dollars in remittances
- Between January and June 2021, Mexico received 23,618.33 million dollars
Remittances in Mexico rise by 22.44% this first semester of 2021, reported in its monthly report on Bank of Mexico. They also indicated that in the month of June, Mexicans received almost 4.44 billion dollars in remittances.
Between January and June 2021, Mexico received $ 23,618.33 million, which meant an increase of 22.44% compared to what was received in the same period last year, when 19,289.66 million dollars were registered.
Remittances in Mexico rise by 22.44% this first semester of 2021
This Monday, Banxico indicated that the average remittance in these first six months of 2021 was $ 368, which also represented an increase of 9.52% compared to the same period in 2020, when the average was $ 336.
All the data show that the sending of remittances to Mexico continues to increase. Between January and June of this year, 63.91 million financial operations have been reported, when in 2020 it remained at 56.88 million operations. They added that most were made through electronic transfers.
Records in remittances arriving in Mexico
“Remittances in Mexico are reaching historic levels,” reported El País, and it is only in June that Mexico received $ 4.440 million in remittances. The record was only registered in the month of May when the Aztec country received 4,514.6 million dollars, reported EFE.
Even so, Mexico has for several months registering remittances above 4,000 million dollars a month. Even in March 2020, when the pandemic began, the figure of 4,000 million dollars was exceeded. Since that moment when a record was broken, the other months have been maintained and even surpassed.
Over 4,000 million in remittances
Despite the pandemic, for which it might be thought that fewer remittances would arrive, 2020 was a record year for Mexico, as they received 40,606.7 million dollars in money from abroad. With respect to 2019, when 36,438 million dollars were reported, there was an increase of 11.4%.
Andrés Manuel López Obrador, President of Mexico, has applauded the 38 million Mexican “heroes” who work in the United States and send money to their native country to help their families, with which they estimate that they help some 10 million families of low resources.
The thanks of the Mexican president to residents of the United States is due to the fact that a large part of the money for remittances comes from fellow Mexicans who migrate to the neighboring country. In fact, remittances represent the second source of income in Mexico, only after automotive exports.
The increase in remittances has nothing to do with the internal economy of Mexico. In fact, the Mexican government hopes that it will help them lift their economy, especially after they had a contraction of 8.2% last year, indicated the National Institute of Statistics and Geography (Inegi).
Ways to send remittances to your family: AirPocket
Here are three ways to send remittances to your family from the United States. First, AirPocket. With this downloadable application for Android or iPhone you can send money to Mexico, El Salvador, Argentina, Bolivia, Colombia, Costa Rica, Ecuador, Haiti, Honduras, Nicaragua, Panama, Peru and the Philippines.
You can achieve it with a commission payment of 2.5 percent. And if your relatives have problems communicating with you; With AirPocket you can also recharge minutes, text messages and data to any prepaid mobile number.
Ways to send remittances to your family: Venmo
The next suggestion is Venmo. This is one of the best and simplest tools. It allows you to send money from your bank account or debit or credit card to anyone, with a system similar to that of banks.
Keep in mind that the commission cost for credit cards is 3 percent. We also recommend that you review the terms and conditions to confirm if it is the application that best suits your needs.
Ways to send remittances to your family: TransferWise
Finally, we advise you to review TransferWise. It is one of the tools best evaluated by users. TransferWise allows you to send money to anyone, anywhere in the world.
Charge a commission for international transfer of 1% of the amount you want to send and use the real market exchange rate; so you won’t have to deal with high hidden fees. Remittances in Mexico rise by 22.44% this first semester of 2021.