Money transfers to Mexico see record surge in March

The Hill ^ | 05 05 2020 | Rafael Bernal

[yesthatjallen]

Mexicans received more than $4 billion in remittances from the United States in March, a 49 percent increase from the $2.7 billion sent in February, marking the biggest month-to-month increase on record.

The February-to-March spike in remittances – money sent to friends and family abroad by U.S. residents – was the single largest month-to-month rise since at least 1995, the earliest year when data is available from the country's central bank, the Banco de México.

Mexican President Andrés Manuel López Obrador referenced the surge in remittances at his daily press conference Tuesday, framed as part of his commemoration of Cinco de Mayo.

"That's why we also want to thank Mexican migrants today, because yesterday the data was released that remittances grew in March, reaching $4 billion," said López Obrador.

According to Banco de México's numbers, the total number of remittances through any means – electronic transfers, money orders, or cash and kind – grew to more than 10.6 million individual operations, from 8.4 million operations a month prior.

Electronic transfers, which account for the vast majority of cross-border transactions, also grew most significantly, to 10.5 million operations, from 8.3 million in February.

SNIP

[jmacusa]

Mexicans pull some $22 billion a year out of our economy. And all this after receiving free health care, drivers licenses and free education. God Almighty I despise them. Does that idiot of a Mexican president not realize he and his government are a failure when it comes to providing opportunities for his won people? Apparently not. Just let them violate Americas border and it's laws. Pinche cabron.

[mosesdapoet]

Should be taxed to cover Wall construction and sanctuary city expenses.

[null and void]

It’s time we taxed “remittances” at say 25% or more.

Pretend it's unreported income, tax it as if it were from $100,000 of annualized income with no deductions or credits.

Oh? That's too high? File a 1040 on April 15th and reclaim any over payment.

Deliberately claiming you have less income than you actually do would be a VERY bad move. No statute of limitations on defrauding the IRS...

[monkeyshine]

I don’t think you added the cocaine and methamphetamine money into your calculation.

[Phil DiBasquette]

Look and see what other countries charge

Find the highest and quadruple it

Like if you win at a Caribbean casino what
you get to take home

[Svartalfiar]

The $$ amount isn’t the crazy number - it’s the number of transactions. 10MM transactions PER MONTH tells us there’s at least that many of them in these US, that are working to send the $$ home.

Then many of these likely have a husband or wife whose $$ are combined, since it saves on fees. (Same reason I would think most of them would send $$ home once a month, not weekly or so.)

Figure what, two kids per illegal there? (Probably more on average.)

So the big official estimate of 10-12MM illegal aliens present in these US turns into something more like 30MM or more!