Money Transfer To Mexico and Beyond
Many U.S. immigrants from Latin America send money and portions of their income back to their families. In 2011, the 54 percent of Spanish speaking immigrants who send money home sent $53.1 billion in remittances – more than 8 times the official federal aid. That all occurred while America found itself still struggling with recession difficulties. (During the U.S. housing crisis in 2008, remittances went down.)
As the U.S. started to emerge from its recession, the economic picture changed significantly. The loss in construction jobs — and the corresponding negative effect on remittances — began to be corrected. By the end of this year, the value of remittances and money transfers to Mexico and other Latin American countries is expected to reach $53.8 billion. However, this high mark still constitutes a major drop off from the remittance levels reached before the recession: in 2007, remittances hit a peak of $61.6 billion.
The U.S. remains the source of most money remittances in Mexico and the rest of Latin America. Most of this remittance money goes to food, clothes, and other living necessities, but some money also sparks job creation as well as general economic stimulation. Immigrants from other countries also send money to their families, leading to high money transfers to India, Vietnam, and elsewhere.
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