CompareRemit Expands its Reach to Canada

According to recent data released by the central bank, Mexico received an impressive sum of nearly $5.7 billion in remittances during the month of May, setting a new monthly record. However, analysts caution that the strength of the peso against the dollar may have mitigated this achievement.Since the majority of remittances to Mexico originate from the United States, the value is recorded in dollars. Goldman Sachs analyst Alberto Ramos explains that "a strong peso hurts remittances," referring to the fact that the appreciation of the Mexican currency has an adverse effect on the funds received when converted from dollars to pesos.Interestingly, the peso has emerged as one of the top-performing currencies this year, appreciating over 13% against the U.S. dollar between May 2022 and May of this year.Due to the peso's appreciation, when measured in local currency, remittances actually experienced a 2.2% decline compared to the previous year, as stated by Ramos.Mexican President Andres Manuel Lopez Obrador has consistently highlighted the positive impact of remittances on the country's economy. The funds, primarily originating from the United States, have played a significant role in Mexico's economic growth.In 2022, Mexico recorded a record high of $58.5 billion in remittances from abroad, making it the second-largest recipient country, trailing only behind India.Despite the challenges posed by the "super peso," the dollar value of remittances sent in May increased by nearly 11% compared to the previous year.The latest data for May reveals a substantial jump of almost 14% compared to the previous month, resulting in a total inflow of funds reaching $24.67 billion this year.Notably, this amount surpasses the combined revenue generated by oil and agricultural exports during the same period, as noted by analysts at Mexican brokerage Monex.Analysts at Monex and BBVA attribute part of the May surge to the celebration of Mother's Day, suggesting that around 10% of the increased transactions can be attributed to this commemoration.The number of transactions in May experienced a 7% year-on-year increase, reaching a total of 14.56 million. Furthermore, the average amount per transaction rose by 3% to $391.Goldman Sachs' Ramos emphasizes that the strength of remittances reflects the robust U.S. labor market and visible wage growth, particularly in sectors where Mexican citizens are prominently represented.To compare today's best rates when remitting money to Mexico, use CompareRemit's easy-to-use USD to MXN exchange rate comparison tool!

New York, 27/05/2023 – Taptap Send, the innovative mobile money transfer application, is proud to announce its partnership with leading remittance solution provider CompareRemit.com. With a focus on empowering immigrants, Taptap Send simplifies the process of sending money back home to India, Pakistan, Philippines, Bangladesh, Sri Lanka, and Nepal.Sending money across borders has long been a complex and expensive endeavor for immigrants supporting their families and loved ones. Taptap Send was developed to address these challenges, providing a user-friendly mobile application that streamlines and optimizes the money transfer process, all through the convenience of a smartphone.Taptap Send offers a range of features designed to enhance the experience for immigrants sending funds back home:Competitive Rates and No Transfer Fees: Taptap Send leverages technology to streamline operations, resulting in more affordable transfers compared to traditional methods.Mobile Accessibility: The Taptap Send mobile application ensures users can initiate money transfers anytime, anywhere.Transparent Pricing: Users are provided with upfront information on exchange rates, allowing them to make informed decisions and have a clear understanding of the total cost of the transfer.Taptap Send aims to break down the barriers faced by immigrants when sending money back home, enabling them to provide vital support to their families and communities with ease and efficiency.Through its partnership with CompareRemit.com, Taptap Send further expands its reach and impact, offering immigrants a comprehensive range of remittance solutions tailored to their specific needs and requirements.To learn more about Taptap Send and explore the various money transfer options available for sending funds to India, Pakistan, Philippines, Bangladesh, Sri Lanka, and Nepal, please visit the Taptap Send website.About Taptap Send:Taptap Send is a mobile money transfer service that simplifies and enhances the process of sending funds internationally. Designed with immigrants in mind, Taptap Send offers a user-friendly mobile application that empowers users to initiate money transfers conveniently and affordably, providing vital support to their families and loved ones across borders.Media Contact:Name: Anthony JacobTitle: Head of Growth, South AsiaEmail: [email protected]

US Dollar's Current State as a CurrencyThe United States dollar has been the dominant currency in the world for decades, and its importance is reflected in its widespread use in international trade and investment. Despite facing several challenges over the past few years, the dollar remains a popular currency for global transactions.One of the main reasons for the US dollar's popularity is its perceived stability and strength. The US economy is one of the largest and most diversified in the world, with a stable political system and strong institutions. As a result, the US dollar is often considered a safe haven currency, particularly in times of economic uncertainty.However, the US dollar has also faced several challenges in recent years, including a high debt-to-GDP ratio, trade tensions with other countries, and a changing global economic landscape. These factors have led some to question whether the US dollar will continue to hold up against other currencies over the next few years.Forecast for the US Dollar Against Other CurrenciesJPMorgan's PerspectiveJPMorgan, one of the world's leading financial institutions, believes that the US dollar is likely to maintain its strength against other currencies over the next 1-2 years. According to a report by the bank, currency volatility is expected to remain high in the near term, which could lead to fluctuations in exchange rates. However, the report notes that the relative strength of the US economy compared to other major economies is likely to keep the US dollar strong.The report highlights several factors that could contribute to the strength of the US dollar, including the Federal Reserve's commitment to maintaining a stable inflation rate and ongoing fiscal stimulus measures by the US government. JPMorgan also notes that the US dollar's status as the world's reserve currency gives it a significant advantage in global trade and investment.Forbes' PredictionsWhile JPMorgan is optimistic about the US dollar's prospects, Forbes has a more mixed view. The business magazine predicts that the US dollar may weaken against the Indian rupee over the next year, citing factors such as the US-China trade war and a rising Indian economy. However, Forbes notes that the Philippine peso and Mexican peso are likely to remain relatively stable against the US dollar, given the strength of their respective economies.Forbes also points out that the US dollar's status as the world's reserve currency has been in decline in recent years. While the US dollar is still the most widely held currency in the world, its share of global reserves has been decreasing in recent years, partly due to the rise of emerging market economies. This trend could have significant implications for the US dollar's role in global trade and investment in the long term.Investing.com's PerspectiveInvesting.com, a leading financial news and analysis website, takes a different view of the US dollar's prospects. The website argues that the US dollar is unlikely to collapse, despite concerns over the country's debt levels and other economic challenges. The report notes that the US dollar remains the world's most widely held currency and is likely to remain so for the foreseeable future.Investing.com also points out that the US dollar has several advantages over other currencies, including its liquidity and the depth of the US financial markets. The website notes that the US dollar's strength is not solely dependent on the performance of the US economy, but also on factors such as geopolitical developments and the policies of other major central banks.Importance of Staying InformedRegardless of the outcome, it's important for those involved in international trade and investment to stay informed about the latest developments in currency markets and to consider the potential risks and opportunities associated with different currencies.For example, individuals and businesses that frequently transfer money across borders may want to monitor exchange rates and fees to ensure that they are getting the best deal.To see today's best exchange rates and providers for sending money online, use CompareRemit's online comparison tool today!