SAN DIEGO (Border Report) — Almost $31.5 billion in remittances were sent from the U.S. to Mexico during the first half of 2024, according to the Bank of Mexico (BANXICO).
A remittance is considered any money sent as payment for goods and services or as a gift to family or friends.
The amount of dollars sent in the first six months of this year represents a 3.7 percent increase over the same time last year.
In June alone, $6.2 billion was delivered to Mexico, a record sum for a single month.
In 2023, a total of $64.4 billion was sent back.
According to BANXICO, 99 percent of the money is being delivered through digital channels.
Mexico’s National Bank is also reporting that Mexicans themselves are setting records when it comes to sending money abroad. During the first half of 2024, people in Mexico sent $687 million to other countries.
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