LatAm: Remittances into Mexico reach record high in April

Remittances into Mexico continue to grow, with $2.72 billion US dollars flowing into the country in April alone. The figures represent an 18% YOY increase, registering the highest level of remittances captured in a single month since the Mexico central bank’s records began in 1995.

A combination of uncertainty around immigration policies, higher employment levels in the US and a weakened Peso are thought to be behind the surge.

According to RFi Group data, the US-Mexico corridor accounts for the bulk of remittances within Mexico, with 4 in 5 consumers who have sent or received funds internationally doing so between these two countries.

Remittances are expected to keep rising this year and are on track to overtake the record set in 2017.

This April saw over 8 million transactions, with an average value of $320 US dollars, taking the total value of remittances between January and April to $9.75 billion dollars.

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