Study Finds Mexico Tops In Money Transfers

MEXICO CITY – According to a study commissioned by the Inter-American Development Bank and Pew Hispanic Center, about 18% of Mexico’s population currently receives regular remittances from the United States totaling $14.5 billion. Of Mexicans receiving remittances from the United States, the vast majority (63%) are women. However, despite recent campaigns and lower fees on money transfers, only 45% of remittance receivers pick up their money at a financial institution. According to respondents, many are still uncomfortable with the banking system citing reasons such as either being mislead or mistreated by financial institutions. In addition, the study found that 78% of remittance receivers spend the money on day-to-day needs and that remittances now affect all of Mexican society regardless of economic or educational status or region.