Mexican migrants send home $36 billion, remittances rise 7%
Posted Feb 4, 2020 12:35:20 PM.
This article is more than 5 years old.
MEXICO CITY — 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 totalled $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 each electronic transfer 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.
The Associated Press
