A woman walks past a money exchange in Mexico City on June 23, 2023. The Mexican peso has appreciated by 13.45% against the dollar in 2023, due to factors such as a high reference rate, financial stability, massive remittance flows, and foreign investment. (Photo by CLAUDIO CRUZ / AFP) (Photo by CLAUDIO CRUZ/AFP via Getty Images)
SAN DIEGO (Border Report) — More than $63 billion in remittances were sent to Mexico in 2023, with most of the money arriving from the United States, according to Banxico, Mexico’s central bank.
The figure is a 7% hike from the previous year.
Remittances are funds sent from abroad by immigrant workers to family or friends back home.
More than 96% of the money arriving in Mexico was sent from the United States, primarily from California and Texas, according to Banxico.
Remittances are by far Mexico’s biggest source of foreign money and have surpassed funds generated from tourism, oil exports and most goods made in Mexico, according to the Associated Press.
Only India receives more U.S. money in remittances. Indian migrants reportedly send home about $125 billion each year.
A report in the AP also says the average amount of each wire sent is about $393, just a slight increase from the average $391 in 2022.
