Minimum Wage Increase Means You Can Send Money to Mexico More Often
Some Mexicans have migrated to California in order to find better job opportunities. They often send money to Mexico to assist friends and family members back home. Unfortunately, along with better job opportunities comes a higher cost of living. Immigrants can be shocked to see how expensive California living is. If you’re working a minimum wage job, the pain of high living expense is even more burdensome. Now, there is good news! Recently, a law was tentatively passed that will increase the minimum wage to $15 by the year 2022. Currently at $10, the minimum wage could go up in increments, giving small businesses a chance to adjust. Continue reading Money Remittance Increases With California Minimum Wage Boost To $15
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. Continue reading California Leads Increase in Money Remittance to Mexico
Possible Reasons for Rise in Money Remittance to Mexico
Remittances sent to Mexico have been rising steadily over the past few years, according to some encouraging new studies. This past quarter in the first part of 2015 saw roughly $5.7 billion in money remittance to Mexico, which is a 4.9% increase from the same fiscal period last year. The rise in remittance, some experts say, indicates good things about the quality of life in Mexico in 2015. That said, although the Inter-American Development Bank argues that these findings suggest that Mexico’s economy is improving, other facts point to an opposite narrative. Continue reading Remittances to Mexico Rise 4.9% in Q1
Sending Money To Mexico Has Positive Outcome
Aside from oil, remittances (money transferred to Mexico from other countries) are the largest contributor to the country’s foreign income. Recent studies showed that an influx of remittances seem to correlate with a drop in homicide rates. Thus, reports indicating remittances are on the rise offer a glimmer of hope for Mexicans faced with brutal violence. Continue reading Remittance On Rise In Mexico