The inflow of remittances to Mexico declined in annual terms for a seventh consecutive month in October, while income from the international monetary transfers was also down in the first ten months of 2025.
The Bank of Mexico (Banxico) reported on Monday that incoming remittances totaled US $5.63 billion in October, a decline of 1.7% compared to the same month of 2024.
The amount is 4% higher than the consensus forecast of analysts polled by the Bloomberg news agency, and 8% higher than the incoming remittances total in September.
Banxico also reported that Mexico received $51.34 billion in remittances between January and October, a decline of 5.1% compared to the same period of 2024.
The decline in incoming remittances in the first 10 months of 2025 is the largest reduction for the period in 16 years.
Income from remittances — money that helps millions of Mexican families make ends meet — is on track to decline in 2025 for the first time in more than a decade.
The vast majority of remittances to Mexico are sent by Mexicans who live and work in the United States, where the Trump administration’s deportation agenda has created fear among the large Mexican migrant community and caused some people to limit their movements outside their homes.
Analysts have partially attributed the decline in remittances to Mexico this year to fear of going out to work among U.S.-based Mexicans, of whom 4.3 million are “unauthorized” immigrants, according to the bank BBVA.
The United States will begin imposing a 1% tax on outgoing remittances funded with cash on Jan. 1, 2026.
Remittances to Mexico are trending down for the first time in over a decade
Remittances data in detail
- A total of 13.99 million individual remittances were sent to Mexico in October, a 5.4% decline compared to the same month of 2024.
- The average remittance to Mexico in October was $403, an annual increase of 4%.
- In the first ten months of 2025, 130.07 million individual remittances were sent to Mexico, an annual decline of 5.2%.
- The average remittance to Mexico between January and October was $395, an annual increase of 0.1%.
- Over 99% of remittances in the first ten months of the year were sent to Mexico electronically.
- Remittances sent out of Mexico in October totaled $98 million, an 8% annual decline.
- Outgoing remittances between January and October totaled $970 million, a 12.2% annual decline.
With reports from Reforma
