In 2017, Mexico received almost $30.1 billion in remittances from the US.
Remittance incomes traditionally help Mexican families deal better with financial emergencies, and the US accounted for 98.6% of the remittances sent to Mexico in 2017.
World Bank data for 2017 shows that Mexico earned almost $31 billion in remittance income during the year, making the country the third largest recipient of remittances next only to China and the Philippines.
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What’s the cheapest way to send money to Mexico from the US?
Online money transfer specialists offer relatively inexpensive ways to send money from the US to Mexico. Typically, these specialists offer rates better than banks. World First, XE Money Transfer and Pangea are just a few of the money transfer providers that allow the sending of money to Mexico. To find a suitable provider, check out our guide for sending money to Mexico.
The table below shows remittance figures from the US to Mexico from 2000-2017.
| Year | US to Mexico (in millions) |
|---|---|
| 2000 | $7,525 |
| 2001 | $10,146 |
| 2002 | $11,029 |
| 2003 | $16,654 |
| 2004 | $19,862 |
| 2005 | $22,742 |
| 2006 | $26,543 |
| 2007 | $26,880 |
| 2008 | $26,041 |
| 2009 | $22,076 |
| 2010 | $22,080 |
| 2011 | $23,446 |
| 2012 | $23,209 |
| 2013 | $23,189 |
| 2014 | $24,802 |
| 2015 | $26,233 |
| 2016 | $28,691 |
| 2017 | $30,600 |
The table below shows 2017 remittance figures from the US and other countries to Mexico:
| Country of origin | Amount sent to Mexico |
|---|---|
| United States | $30,019,000,000 |
| Canada | $156,000,000 |
| Spain | $100,000,000 |
| Guatemala | $33,000,000 |
| France | $26,000,000 |
| United Kingdom | $24,000,000 |
| Argentina | $23,000,000 |
| Germany | $22,000,000 |
| Bolivia | $17,000,000 |
| Italy | $17,000,000 |
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Bottom line
Mexico is ranked third globally among the major beneficiaries of remittances from abroad. Much of the country’s remittance income comes from the US. In 2017 alone, the US accounted for almost $31 billion of remittances to Mexico.
For a list of online money transfer specialists that allow the sending of money to Mexico, check out our comprehensive guide to international money transfers.
Source : https://www.worldbank.org/en/news/press-release/2018/04/23/record-high-remittances-to-low-and-middle-income-countries-in-2017
