Unemployment Drops, Exchange Rates Improve, and Money Transfer to Mexico Skyrockets!
Increase of money remittance to Mexico is an indication of a recovering economy, financial authorities say. The first quarter saw a staggering $5.6 billion in remittances sent to Mexico from the United States. According to the Bank of Mexico, money transfer to Mexico has increased 5% compared to last year’s remittances of the same period. California is responsible for sending the most remittances to Mexico with, 1.6 billion dollars sent, followed by Texas and Illinois.
The Mexican-American unemployment rate has fallen to 7.2 percent recently, compared to the 12.4 unemployment rate of 2010. Many Mexican immigrants are finding better job opportunities north of the Mexican border and are able to make frequent money transfers to Mexico where it is harder to find high paying jobs.
In Mexico, lack of job opportunity and low wages put a strain on families who struggle to make ends meet. Mexican immigrants that travel to the United States to obtain better work and financial opportunities, often do so to help their families who may be living at or below the poverty line. Because of a strengthened California economy, one industry that has seen an influx of Mexican immigrants is the construction industry. Many Mexican immigrants are working more hours and are therefore able to send additional money to relatives abroad.
The strength of the American dollar has also increased recently. Just 4 years ago the exchange rate was under 12 pesos to every dollar; now families who receive money remittance get 16.75 pesos for every dollar. With great exchange rates and a stronger economy, now is a great time to send remittances to Mexico.
How Can I send Money to Family in Mexico?
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