International Day of Family Remittances: Reasons to Celebrate

did you know Mexico It is one of the Main recipient countries Remittances in the world, according to the World Bank (WB). Many Mexicans live in Foreignermainly in United StateThey usually provide financial support to their families by sending money back to their home country, so United nations announce On June 16 in the name of International Day of Family Remittances.

What are remittances? …

The Bank of Mexico (Banxico) defines remittances as the amount of national and foreign currency that comes from abroad, originates from a person living in another country, and sends said economic resources to his relatives in the national territory. These remittances gave many Mexican families a break, helping them maintain consumption in their homes, as well as boosting the country’s economy.

According to the magazine protect your money In June of this year of Condusef, The shipmentI’ve let them give a break to many Mexican families, ever since Helps maintain consumption in their homes, in addition to boosting the country’s economy.

Due to its importance according to the gate United nations (United nations), The General Assembly From this organism to celebrate every year b International Day of Family RemittancesAll June 16.

“On this day, the contribution of more than 200 million migrant women and men who send money to their more than 800 million relatives in their countries of origin is celebrated,” says the United Nations.

Transfers in Mexico

especially, In Mexico, remittances are part of the income of 1.6 million Mexican families, So in this article we will tell you what remittances are and how they support financial inclusion.

“There are many Mexican families who benefit from receiving remittances, and if you are wondering where they come from, according to Banxico data, at the end of 2020, it was recorded that 95 percent of incoming remittances in the country come from the United States,” the magazine reports. condos.

This country is followed with a 5% share by countries like Canada, United Kingdom, Ecuador, Colombia, Chile, Spainamong other things.

also, Remittances represent an important source of resources for our country, with a total of 51 thousand and 594 million dollars entered during 2021.which is a record for deposits for this concept.

In this way, half of Mexican households have the possibility to cover at least 50 percent of their food expenses, and in some cases this percentage can go up to 70 percent.

Transfers in their early days

You know that 20 years ago transfers were sent Postal or bank transfersthat was exchanged through some Financial institution. Today, 98.9 percent of transfers are sent via tElectronic Transfersand only 0.7 percent is done by sending cash or in-kind funds.

The process of sending remittances to Mexico continues to innovate due to the recent launch of the debit card Paysanoات conversionsso that immigrants can send their resources to Mexico without having to pay commissions.

“People who receive money in our country will be able to do this in a matter of minutes, with better conditions, in a safer, more reliable and efficient way. In addition, this card is recognized in many institutions, so they can use it for purchases necessary for families, “the publication notes.

Through Telecomm a large part of the population of Mexico will be able to withdraw their resources, since half of the available branches are located in rural areas of the country.

Along the same lines, Telecommunications announce it Maximum transfer amount 7 thousand 499 dollars There is no minimum amount.

Moreover, according to data from United nationsIn 2020 during the pandemic, the adoption of digital technology by migrant workers and their families has grown; Meanwhile, remittances sent using mobile technology increased by 65 percent in the same year, which helps the financial inclusion of individuals.

At the end of 2021, Mexico I know 3rd place in the world Regarding the receipt of foreign exchange Aliens, ranked first and second overall, India s China respectively, asRecipients of remittances in favor of family economy, according to information from world bankto.

MRA

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