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Remittance payments to Mexico reach record levels in May

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Remittance payments to Mexico reach record levels in May

Remittance payments sent to Mexico hit a new record of about $3.10 billion in May, up from $2.58 billion in the same period last year, data from Banco de México showed.

The number of remittance transactions increased to 9.6 million in May from 8.7 million a year earlier, according to preliminary data from the central bank. The average amount of funds sent per transaction rose to $323 from $306 a year ago.

For the year-to-date period in 2018, remittances flowing into the country amounted to $12.85 billion.

Remittances to Mexico have been increasing in recent months amid fears that the U.S. might impose a tax on such transactions.