Mexico receives a record US$ 2.86 billion in remittances during July
Mexico received US$ 2.86 billion in remittances in July, a figure that represents an increase of 10.3% compared to the same month last year, but also the highest amount for the seventh month of the year since Banco de México (Central bank) began keeping track of these operations in 1995.
The total amount of remittances in the first seven months of the year was of US$ 19.1 billion, 11.4% higher than that registered in the same period of 2017 and which also represents a historical maximum.
During July, 8.8 million transfers were carried out for an average amount of US$ 324, a figure slightly lower than the average of US$ 343 recorded during June.
Electronic transfers are the preferred means for Mexican migrants to send money to the country, since 97.3% of remittances are made this way, while 2.07% is made through cash and in-kind transfers. The rest were made through money orders.
In the case of money orders, the average transaction was US$ 929, while when transferred in cash or in kind, the average value was US$ 406.
Banxico estimates that remittances are generated by 8 million Mexicans residing abroad, mainly in the United States, and contribute to the livelihood of 2.1 million households in Mexico.