Remittances sent home by Mexicans living abroad hit a record high of just over US $36 billion in 2019, the central bank reported.

The Bank of México (Banxico) said that Mexican families received US $36.04 billion from relatives abroad, most of whom work in the United States.

The amount is 7% higher than the US $33.67 billion sent to Mexico in 2018, in turn a figure that raised the bar over previous years.

Last year was the third consecutive year in which remittances totaled more than US $30 billion. The money was sent in 110 million separate transactions, Banxico said, a 5.6% increase over the 104 million completed in 2018.

The average remittance was US $326 compared to $322 in 2018. More than 98% of the funds were sent via electronic transfer, while the remainder arrived in Mexico in cash or via money orders.

Mexico is the third largest recipient of remittances after India and China, according to the Center for Latin American Monetary Studies, an organization comprised of central banks across the region.

However, Mexico is the largest recipient of funds from the United States, where approximately 7.5 million Mexicans work.

Source: El Economista (sp)