The migration Statistics
Of the more than 42.4 million people living in the US today who were born in another country, 11.7 million are from Mexico. This Mexican-born population represents 28 percent of all immigrants in the nation.
The US–Mexican border remains the top migration corridor in the world. In 2013, 13 million migrants crossed the border seeking job opportunities, better access to information and shelter from labor shortages, violence and conflict, natural disasters and inequities in exposure to contaminated water and land due to climate change.
In 2013, 13 million migrants crossed the border.
What the US proposal to tax remittances to Mexico could mean for money transfers
The US Congress recently submitted a bill that proposes a 2% tax on remittances to Latin American countries that include Mexico, Brazil, Honduras and El Salvador. Called the “Border Wall Funding Act of 2017,” the bill delivers on President Donald Trump’s January 2017 promise to move forward with building a border wall between the US and Mexico, the tax a significant key to funding this wall.
According to Mexico’s Central Bank, currency transfers to Mexico from friends and family in the US and overseas exceed the amount that Mexico earns from its oil exports — some $24.6 billion in remittances versus $23.2 billion in oil. On the heels of President Trump’s recent proposals, remittances to Mexico are expected to increase even further.
How politics are affecting the peso
Some experts attribute a rise in remittances per individual to the value of the peso, which dropped 10% when Trump was elected. When the peso weakens against the dollar, it takes more US dollars to purchase the same amount of pesos.
If you’re sending money to Mexico, it’s more important than ever to compare exchange rates and fees to make sure you’re getting the most for your money. If you’re using a bank or cash transfer service, consider switching to an independent provider to maximize the currency transfer your loved ones will receive.
How many people migrate from Mexico to the US?
Between 1886 and 1924, nearly 14 million immigrants entered the US through New York Harbor — a place through which two-thirds of all immigrants passed — lifting an eye to the Statue of Liberty along the way.
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