Girl Power: Women send 32.9% of remittances to Mexico

The main recipients of remittances in Mexico are mothers, sisters and daughters of those living in the US.

From 2021 to 2023, 428.3 million electronic remittances from the United States were recorded in Mexico.

Of this total, 32.9 percent were transactions made by women. Meanwhile, of the total amount for the period, 165.5 billion dollars, 28.6 percent were sent by women.

The above was exposed in the study “Mexican Female Emigration, Income from Remittances and Financial Inclusion” carried out by the Center for Latin American Monetary Studies (CEMLA) based on data from Grupo Financiero Banorte, which also detailed that both men and women send resources from the US to Mexican women.

“Such recipients must be mainly made up of mothers of the senders, sisters and possibly daughters. In the remittances sent by men, there are 67.1 percent beneficiaries, mothers, partners, sisters and daughters,” explained Jesús Cervantes, director of statistics at CEMLA.

Percentage of remittances sent to bank accounts increases
A relevant fact that the study showed was that from 2021 to 2023 the wage mass of the migrant population reached 932.3 billion dollars, of which 664.5 billion dollars were from men and 267.8 billion dollars from women; however, despite the difference, both genders allocated 17.8 percent of this to remittances.
Similarly, it was shown that 30 percent of remittance recipients in Mexico receive these resources from more than one person in the United States.

It was also indicated that the percentage of remittances sent for deposit in a bank account increased, going from 56.8 percent in the first quarter of 2021, to 72.8 percent in the fourth quarter of 2022. This reflects financial inclusion through these shipments, Cervantes highlighted.

“In 2021, recipients of remittances deposited into accounts received 13.31 remittances per year, that is, more than one remittance per month,” he noted.

Source: elfinanciero