Latest news with #remittances
Bloomberg
20 hours ago
- Business
- Bloomberg
Mexico Remittances Plunge as Trump Cracks Down on Migrants
Remittances sent to Mexico fell 12% in April from a year prior, registering the largest annual drop in more than a decade as US lawmakers mull taxing the transfers and Donald Trump's administration toughens its rhetoric against migrants. Central bank data released Monday showed that remittances received by Mexico fell to $4.76 billion in April, well below the median estimate in a Bloomberg survey and down from $5.42 billion in the same month in 2024. In March, remittances reached $5.14 billion.
Reuters
a day ago
- Business
- Reuters
Mexico records worst monthly remittance decline since 2012
MEXICO CITY, June 2 (Reuters) - Remittances sent to Mexico recorded an 12.1% slump in April compared to a year earlier, according to central bank data published on Monday, marking the steepest drop in over a decade as U.S. lawmakers mull a tax on such payments sent abroad. Mexico is the world's second largest recipient of remittances, received $4.76 billion in April, as workers living abroad sent fewer transactions as well as smaller payments. April's data marked the steepest year-on-year drop since September 2012, according to central bank data. Some 12.3 million Mexicans live abroad and 97% of these live in the neighboring United States, according to estimates last year from BBVA Research, which said last year had marked Mexican remittances' eleventh straight year of growth. Banco Base economic analysis director Gabriela Siller said April's drop was likely due to a weaker U.S. job markets and migrants' fear of losing their jobs or being deported. "The April remittance data is terrible," she said in a post on X, attributing the drop to "the deterioration of the labor market in the U.S. and U.S. migrants' fear of going out to work and sending their remittances, for fear of being deported." The central bank said April saw 8.1% fewer transactions than a year earlier while payment amounts were down 4.4%. Mexican officials have argued that taxing remittances could violate the countries' treaty to avoid double taxation, as migrants' income tax are already subject to local taxes. In 2024, Mexicans living abroad sent some $64.75 billion home in remittances - largely from Texas and California to states in central and western Mexico - breaking a fresh record. Through the first four months of 2025, the central bank recorded remittances of $19.02 billion, down 2.5% from last year.
Yahoo
4 days ago
- Business
- Yahoo
Beyond the 'TACO' Trade: Has Bitcoin Moved on From Tariffs?
Nonco CEO Fernando Martinez joins CoinDesk for a deep dive into the crypto market's reaction to Trump's tariff talks and policies. Fernando weighs in on bitcoin's recent activities and the catalysts driving Hyperliquid and Avalanche. Plus, insights into the global stablecoin boom and how Latin America can utilize it for remittances. This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
4 days ago
- Business
- Reuters
Kenyan shilling firms slightly as remittances help
NAIROBI, May 30 (Reuters) - Kenya's shilling strengthened slightly on Friday, helped by dollar inflows from remittances although the gains were limited by increased foreign-currency demand from general goods importers, traders said. At 0639 GMT commercial banks quoted the shilling at 128.80/129.30 per dollar, compared with Thursday's closing rate of 129.00/129.50.
UAE Moments
5 days ago
- Business
- UAE Moments
Careem's New UAE Feature - Send Money Fast to Jordan!
Careem Pay, the fintech arm of the UAE-based super app Careem, has officially launched international money transfers to Jordan, adding to its growing network of remittance corridors. This move marks a significant milestone in the region's digital finance ecosystem, especially ahead of Arafah Day and Eid Al Adha, a time that typically sees a spike in cross-border financial activity. Fast, Affordable Money Transfers to Jordan UAE residents can now send up to AED 25,000 per transaction directly to any Jordanian bank account with a valid IBAN using the Careem app. Funds are delivered in Jordanian Dinars (JOD) and are processed within 24 hours, offering both speed and reliability. Read More: Careem Pay Expands Remittance Service to 18 New Countries For repeat users, Careem charges a flat AED 10 fee per transaction. Meanwhile, Careem Plus subscribers benefit from zero fees on transfers above AED 1,500 and discounted rates for smaller amounts. To encourage adoption, first-time users enjoy no transfer fees on their first two transactions to Jordan. Strengthening a Key Remittance Corridor With a substantial Jordanian expatriate population living and working in the UAE, annual remittances to Jordan often exceed $1 billion, making it one of the top remittance routes in the region. Jordan now joins Careem Pay's expanding network of outbound corridors, which includes countries like India, Pakistan, the UK, the Philippines, Lebanon, Egypt, and several parts of Europe. By tapping into this critical corridor, Careem enhances financial inclusion and provides a much-needed service to expatriates seeking convenient and cost-effective money transfer solutions. A Boost to UAE's Fintech and Digital Remittance Ecosystem This launch underscores the UAE's momentum in fintech innovation, especially in the remittance space. Digital-first platforms like Careem Pay are transforming how money is sent across borders—offering faster, cheaper, and more accessible alternatives to traditional banks and exchange houses. The timing of this launch also aligns with broader government efforts to promote cashless economies, empower digital wallets, and support financial inclusion across the MENA region. Read More: How To Use a Careem Bike in Dubai More Than Just Transfers – What Else Can You Do with Careem Pay? Careem Pay is not just about international remittances. As part of the Careem super app, it also enables users to: Split bills with friends after rides or food orders Pay for rides, food deliveries, and groceries directly in the app Top up mobile credit and pay utility bills Use QR codes to pay at local merchants Access exclusive rewards and cashback offers through Careem Plus By integrating payment features into its mobility and delivery services, Careem offers users a seamless lifestyle and financial management platform in one app. To wrap up, Careem Pay's new feature offers UAE users a fast, secure way to send money to Jordan with ease. This innovative service enhances financial connectivity across borders, bringing convenience and speed to personal transfers. With just a few taps in the Careem app, sending money to loved ones has never been more seamless.
