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Remittances sent to Mexico hit a record in 2021

Overview of Mexican Money Transfers Dwain Ross ★★★★★

In 2021, sending money to Mexico by citizens living abroad reached $51.594 million, a new all-time high.

This also represents a 27 percent increase from the $40,604 million registered in 2020, according to the Bank of Mexico (Banxico).

In December 2021 alone, remittances grew by 30.4 percent as they rose from $3,650 million to just over $4,760 million a year.

Gabriela Siller, director of economic and financial analysis at Banco Base, highlighted this 2021 figure and believes the good pace of remittance collection will continue this year.

“Remittances flowing into Mexico hit a historic $51,594 million in 2021, up 27.1 percent from 2020. It is estimated that this year they will grow by about 13 percent," he added.

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