In 2023, the personal remittances received in Mexico increased by 4.8 billion U.S. dollars (+7.8 percent) since 2022. While the growth is slowing down, with 66.24 billion U.S. dollars, the personal remittances received are at their peak in the observed period. Personal remittances comprise personal transfers and compensation of employees. Personal transfers include all current transfers between resident and nonresident individuals, while the compensation of employees refers to the income of employees who are employed in an economy where they are not resident, as well as of resident employees employed by nonresident entities.

The share of digital remittances in money leaving the U.S. for Mexico stayed relatively the same in 2024, with digital options being more common than cash. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels originating from the U.S. towards Mexico. The United States was the number one country of origin for remittances to Mexico, while the Latin American country was also the number one highest likely destination of remittances from the United States. Remittances are, nevertheless, still a relatively uncharted topic. While figures exist on the total traffic between individual countries ("corridors"), exact numbers on how much of this comes from banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.) is typically not known. All figures on remittances are therefore estimates.

Western Union was used the most for incoming remittances to Mexico, although its market share stayed relatively unchanged in 2024. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels going towards Mexico. The three countries from which Mexico received the highest value of remittances are the U.S., Canada, and Spain. Remittances are a relatively uncharted topic, though. While figures exist on the total traffic between individual countries ("corridors"), exact numbers on how much of this comes from banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.) is typically not known. All figures on remittances are therefore estimates.

Digital remittances that did not involve cash in either end of the process made up only ***** percent of all remittances towards Mexico. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels going towards Mexico. The ***** countries from which Mexico receives the highest value of remittances include the U.S., Canada, and Spain. Remittances are a relatively uncharted topic, though. While figures exist on the total traffic between individual countries ("corridors"), exact numbers on how much of this comes from banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.) is typically not known. All figures on remittances are therefore estimates.

The United States was the main country of origin of family remittances received in Mexico in 2020. The amount of money sent by family members living in the U.S. to Mexico reached about 38.8 billion U.S. dollars, which was over 95 percent of the total value of remittances received by the Latin American country that year.

In 2021, the total value of cash remittances sent by overseas Filipino workers (OFWs) based in Mexico amounted to *** thousand U.S. dollars. The value of cash remittances by OFWs in Mexico fluctuated over the past eight years.

Tijuana was the Mexican municipality with the largest amount of remittances received in 2019. In total, Mexico received about 36.05 billion U.S. dollars of money transfers from abroad in that year, of which over 476 million U.S. dollars were destined to Tijuana. Also during that year, Michoacán was the Mexican state with the largest amount of remittances received. Mexico City, the country's capital, is considered a 'federal entity' and therefore not included in this statistic.

In 2023, Mexico received nearly **** billion U.S. dollars worth of remittances, making it the Latin American country with the highest value of international deposits received that year. Guatemala ranked second, with remittances amounting to nearly ** billion dollars. In total, the value of remittances in Latin America and the Caribbean exceeded *** billion U.S. dollars in 2023.

The Groceries and Food Wholesaling industry in Mexico is dedicated to supplying groceries and food items, including dairy products, fruits and vegetables, meats and sweets, to downstream retailers. Over the five years to 2019, steady gains in both consumer spending and the nation's population have propelled the industry forward. Additionally, remittances from US residents to friends and family in Mexico have increased in recent years, which stabilized consumer purchases. As a result, industry revenue is expected to increase at an annualized rate of 0.9% to MXN $1.0 trillion over the five years to 2019. Operators in this industry vary in size and even the type of products they choose to wholesale; as a result, the industry remains fragmented. Overall performance, therefore, may vary among operators depending on product line specialization. With government programs geared toward encouraging the general population to eat heathier expanding, those wholesaling fruit and vegetable products are likely to experience growth.

Money transfers to other countries outside the United States were nearly ** times higher in 2021 than money received. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about *** in ***** people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For the United States, the top five recipient countries for remittances in 2021 included Mexico, India, Guatemala, the Philippines, and China. The five main sources for remittances in the U.S. were Mexico, Canada, the UK, Puerto Rico, and Germany.

The value of personal remittances sent to North America increased by nearly ** percent between 2020 and 2021, the largest increase since 2012. This is according to estimates made by the World Bank on data from the IMF that tracked the balance of payments between countries. All figures provided here have been summed from this individual country's data. The source adds that "personal remittances" consist of both personal transfers between resident and nonresident individuals, as well as the compensation of employees. By definition, then, the numbers shown here focus on migrant workers and likely includes remittances sent from the United States to Mexico, one of the biggest remittance corridors in the world. Note, however, that consumers with a second home abroad but who receive pensions from their country of origin can sometimes also be counted as remittances.

The share of digital remittances leaving the United States was slightly higher in 2024 than in previous years, taking up the majority of money transfers. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels going away from the United States. The ***** countries the U.S. sends the highest value of remittances include Mexico, India, and Guatemala. Remittances are a relatively uncharted topic, though. While figures exist on the total traffic between individual countries ("corridors"), exact numbers on how much of this comes from banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.) is typically not known. All figures on remittances are therefore estimates.

The biggest U.S. remittance receivers in Latin America are Mexico and Guatemala, with both countries receiving over ** billion U.S. dollars. This is according to a database that tries to model money sent internationally from one party to another. Remittances typically refer to money sent from migrant workers back home to family and friends, although there are other forms of this. Remittances can, for example, include pensioners who have a second home in a foreign country. Nevertheless, Asia Pacific is often referred to as the main receiver of remittances.

In 2021, the average value of a remittance sent to Mexico amounted to 376.7 U.S. dollars, up from the 339.3 reported one year earlier. Between 2010 and 2019, the year with the highest average remittance value was 2011, with 326 U.S. dollars. During 2019, the average cost of sending 200 U.S. dollars to Mexico cost about 4.4 percent of that total.

MoneyGram was used the most for outgoing remittances from the United States in 2024, although its ** percent market share was relatively low due to how many providers are present. This is according to a custom-made calculation from Statista, based on the number of reported remittance channels going away from the United States. The three countries to which the U.S. sends the highest value of remittances are Mexico, India, and Guatemala. Remittances are a relatively uncharted topic, though. While figures exist on the total traffic between individual countries ("corridors"), exact numbers on how much of this comes from banks, money transfer organizations (MTOs), or digital sources (blockchain, etc.) is typically not known. All figures on remittances are therefore estimates.

As of December 2024, BBVA led the ranking of largest banks in Mexico, with total assets amounting to over *** billion U.S. dollars. It was followed by Banorte, with total assets worth over *** billion U.S. dollars. Banco Santander ranked third, followed by Citibanamex and HSBC. Digital banking in Mexico Digital banking in Mexico experienced significant growth in recent years, offering convenience and accessibility to a large portion of the population. In 2024, there were a total of ** digital banks in the country, almost twice as many as five years before. The most popular digital banks include Nubank, Ualá, and Klar. Fintech’s future and presence in Mexico Fintech, or financial technology, aims to update and enhance financial services for corporations as well as consumers. The number of fintech users in Mexico is forecast to increase consistently in the future., with the digital payment segment accumulating the largest user base. This coincides with the dominance of the payment and remittances segment of fintech in 2024: There were *** fintech companies operating in the payment and remittances sectors, making it one of the leading segments for the nation’s fintech sector.

The cost of sending 200 U.S. dollars in remittances to Latin America and the Caribbean in the fourth quarter of 2020 was an average of 5.56 percent of the total transfer value, down from 5.83 percent reported in the previous quarter. Within the given timespan, the cost of remitting 200 U.S. dollars to this region was highest in the last quarter of 2018, at approximately 6.34 percent. In 2019, the average value of a remittance received in Mexico was 325.7 U.S. dollars.

Remittances between the United States and Mexico were over twice as large in value as the second-biggest corridor, which was in Asia. This is according to a Statista ranking, using a table that tried to map out migrant remittance flows between individual countries. Multiple countries across the world received remittances worth more than three percent of their GDP in 2022. That said, it should be stressed that remittance figures are not without their flaws. First, the numbers shown here are based on migrant stock. This is a difficult topic to track for certain countries, but also potentially excludes other types of remittances - such as pensions or illegal remittances. Two, the figures essentially assume that every migrant will send the difference of per capita income in PPP terms back home to the country of origin. The source acknowledges this is a rough proxy, potentially leading to over- or undervaluing any estimates.

The U.S. was Colombia's main country of origin for remittances in 2021 but not its main destination, according to a country ranking on the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about *** in ***** people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For Colombia, the top five recipient countries for remittances in 2021 included Spain, Ecuador, the United States, France, and Mexico. Colombia's **** main sources for remittances were - by a large margin - the United States and Venezuela, followed by Spain, Ecuador, and Chile.

The biggest receivers of remittances in the world included India, Mexico, and China in 2023, with each country receiving **************** worth of dollars. This is according to a database that tries to model money sent internationally from one party to another. Remittances typically refer to money sent from migrant workers back home to family and friends, although there are other forms of this. Remittances can, for example, include pensioners who have a second home in a foreign country. Nevertheless, Asia Pacific is often referred to as the main receiver of remittances.