Mexico is one of the largest remittance-receiving countries. Migrants who worked in North America transferred to their relatives and friends as much as $26 billion in 2014, which Wilson Beck in his Wakeup Call From Mexico calculated could purchase approximately 15 million cars or computers. Out of 10 countries that received 40 percent of remittance flows from the U.S., Mexico received about 61 percent of these funds.
Remittance is an important source of income for Mexico. This flow of remittance from the U.S. is growing. Mexican in the US send money online as well as use cash agent service to transfer money, however, great majority of remittance happens using only cash agents with cash pickup options rather than bank account deposits. In 1996, Mexico’s central bank estimated that approximately 14 million remittances were sent to their country, averaging $320 each. In 2004, the number jumped to more than 40 million remittances, each averaging $321. In Feb. 2016, the central bank reported that the money sent home by Mexicans overseas hit almost $24.8 billion last year, overtaking oil revenues as a source of income for the first time.
According to the Inter-American Development Bank, as many as one in five Mexican adults depends on this money that’s sent to them from working relatives in the U.S. Meanwhile, the National Population Council calculated that more than one out of 10 Mexican families, in approximately 1.3 million homes, survives on remittance. A majority of the remittance inflow to Mexico goes to living expenses of the family in forms of mortgage, utilities, food, and more. Over the years, the amount of money transferred to Mexico has steadily increased as more and more migrants have made their way to the US and other countries to work.
Migrant workers remit their money to Mexico through various channels that include banks, credit unions, money transfer operators, or local associations, known as clubes des oriundos looking for the lowest fees, best exchange rates, fastest delivery with cash pickup option. CompareRemit aims to streamline the process of money transfer to Mexico, while guaranteeing 100% protection. With so much of Mexico relying on this money, CompareRemit does its best to ensure it gets there safely.
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