Thread: Mexican migrants send home $36 BILLION, remittances rise 7%

Mexican migrants send home $36 billion, remittances rise 7%

Feb. 4, 2020 at 8:34 am Updated Feb. 4, 2020 at 9:13 am

FILE – In this April 5, 2016 file photo, pedestrians walk past signs advertising money transfer services and loans, outside a business in Mexico... (AP Photo/Rebecca Blackwell, File) More

By The Associated Press
The Associated Press

MEXICO CITY (AP) — Mexican migrants working abroad sent home a record $36 billion in remittances in 2019, the country’s central bank reported Tuesday.

That was an increase of 7% in remittances from 2018, when they totaled $33.67 billion.

It was the highest level of remittances on record, and is higher that the $25 billion in income Mexico receives from foreign tourism or the country’s $22.4 billion in annual petroleum exports.

The average amount of electronic transfers sent home was about $300.

Electronic transfers have largely replaced cash and money orders as the most popular method for sending money home.

Studies suggest that recipients largely use the transfers to pay living expenses, with some used for investment.

https://www.seattletimes.com/nation-...tances-rise-7/

10% REMITTANCE FEE TO FUND THE WALL AND DEPORTATIONS!!!