The US is the largest source of remittances to Mexico | finder.com

How much money is sent to Mexico from the US?

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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.

    YearUS 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 originAmount 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

    Julius Hernandez

    Jules is a freelance writer for finder.com. A software development manager for a commercial bank in a past life, he now works full-time from home where he continues to write on finance and dabble in software development. He is a co-author of an introductory book on Python programming.

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