Remittances: Tijuana sets record in remittances this 2021

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In Tijuana, the flow of family remittances during the first 9 months of 2021, registered an annual increase of 16. 5%, compared to the same period in 2020. As reported by Banxico.

Analysts point out that “it is the largest amount of remittances in history, to Tijuana.” During the pandemic in 2020 and 2021, the flow of Remittances to that region not only did not stop, but increased.

In general, Mexico had a good reception of remittances in 2021. Particularly in the month of October, remittances sent by Mexicans abroad reached a record figure of $ 4 ,, 819 million dollars. That means an annual growth of 33. 8%.

The records indicate that in 2021, the months of March, May, July, August and October were positive and record months for remittances to Mexico.

$ 42, 168 million dollars is the amount accumulated in remittances in the first 10 months of 2021, Banxico marks an increase in 25. 6% per annum.

The highest part of those remittances were received digitally, a method that became popular in a pandemic and it seems that it is here to stay. We are talking about 99. 1% of remittances, are sent electronically, and the rest is sent in a professional manner at the physical shipping points.

Banxico reported a total amount of remittances between January and October of 2021, of 112 million remittance shipments; which means a 13% more than during the same period in 2020.

During the pandemic, remittances have played an important role in sustaining Latin America, the rebound has been notable and remittances have also played an important role in the education of families in recipient countries.

At the same time, the record of remittances to Mexico has not always been viewed favorably. Mexican government officials have been suspicious of the link between sending remittances and “money laundering and drug trafficking.” The possibility is even considered that “many Mexicans are extorted by the cartels.

It is clear that at the end of the year this number of cross-border money transfers will increase, and one of the reasons to consider, in principle, Christmas is the highest time to send money of the whole year. And particularly and in times of pandemic There are more people who have not been able to travel or decided not to, and send money to “collaborate” with a “good Christmas” for their loved ones. Therefore, growth expectations are high.

In general, is expects Latin America and the Caribbean to increase their remittance receipts and reach a new record. If this happens, it would be the region that has achieved the highest increase in remittances. According to World Bank estimates.

The World Bank speaks of an increase of more than 25% at the end of the month of December, equivalent to 126,000 millions of dollars, according to estimates.

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