2/12/2025 FTS 04.30 In Mexico, remittance income from the United States continues to decline, according to a report from the bank. These figures are partly a result of the effects of the immigration policies implemented by president Donald Trump and the trade war.
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00:00We're now to Mexico. Remittance income from the United States continues to decline.
00:05According to a report from the bank, these figures are partly a result of the effects of the immigration policies implemented by President Donald Trump
00:14and the trade war, which has driven up the cost of living. Antonio Aranda has the details in the following report.
00:21Las remesas son la principal fuente de divisas para...
00:24The remittances are Mexico's main source of foreign currency, but from January to October 2025, they showed a year-on-year decline of 5.1%.
00:34People who receive these funds have felt the impact of the decrease in their daily lives, explains this pro-migrant activist.
00:47People stop buying medicines, stop going out, stop doing what they used to do, because poverty is really hitting them.
00:54It is affecting the community. We see a few celebrations, a few gifts for the children.
00:59I can assure you, with certainty, that this Christmas will be said, and so will be the new year.
01:10President Donald Trump's immigration policies have caused fear among this segment of the population,
01:15leading many to hide, which prevents them from working and sending money to their families.
01:19They are afraid to go out on work, and they are eating up the little savings they managed to have over there.
01:28Secondly, they have to cover their own expenses in the United States before sending money to Mexico.
01:37This kind of situation, wars and things, both there and here, the level of uncertainty,
01:41is the fear that ICE or immigration will catch them while they are leaving their homes.
01:46In 2024, remittances reached a historic record in Mexico, totaling $64 billion.
01:58By the end of October this year, the figure stood at $51.34 billion,
02:04and this expert predicts it will continue to decline.
02:09And this decline is not really a fall, it is an adjustment.
02:12And 2024 was an unusual high peak.
02:19Precisely because, given the changes and the usual threat from Trump,
02:23many rushed to send money in advance.
02:30Another factor contributing to the decline in remittances
02:33is the impact of the trade war initiated by Donald Trump,
02:36which has driven up the cost of everyday life.
02:39The U.S. economy is also in crisis, meaning it has been slowing down,
02:46and the effects of trade war have impact on something.
02:49Therefore,
02:50as life becomes more expensive in the United States,
02:57there are few outflows of currency towards Latin America,
03:00particularly to Mexico.
03:02To support the swift sending of remittances,
03:08the Mexican government is promoting the distribution of bank cards
03:12from Financiera del Binistar, a state-run program.
03:16These cards allow transfers with the lowest fees in the market,
03:19according to the director of the institution.
03:21Sending money from there to here, as you well know,
03:27we've already lowered the commission from 3.99,
03:29which was already very competitive, to just 2.99 dollars.
03:33If you send 400 dollars, which is the average remittance amount,
03:37or even if you send 1,000, or up to 2,500 dollars in one transfer,
03:41you won't pay more than 2.99 dollars.
03:43This is a very strong support that our government is providing.
03:47Additionally, using the Financiera del Binistar cards will allow migrants
03:56to avoid the 1% remittance tax that the United States will impose
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