Mexico to make it easier for emigrants in US to send money home

Mexico City, Mexico – Mexico's government plans to make it easier for emigrants in the United States to send money home by allowing them to open an account with a state bank from abroad.

Mexico is the third-largest recipient of economic remittances globally (stock image).
Mexico is the third-largest recipient of economic remittances globally (stock image).  © 123RF/svl861

Some 11 million Mexicans in the US should now be able to open accounts with state-run development bank Banco del Bienestar without needing to travel to Mexico, the Finance Ministry announced on Monday.

Mexico wants to make it easier for Mexican migrants to send home money to their families.

Such transfers – known as remesas – are one of the most important sources of foreign currency for the Latin American country.

El Chapo's son pleads not guilty to US federal narcotics charges
Mexico El Chapo's son pleads not guilty to US federal narcotics charges

Last year, Mexicans sent more than $40.6 million from abroad to their dependents at home – a record amount, according to the government.

Mexicans in the US will be able to pick up bank cards at Mexican consulates in the US by showing their identification documents.

Emigrants and their families will also be offered a more favorable exchange rate.

Cover photo: 123RF/svl861

More on Mexico: