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Latino Daily News

Monday December 2, 2013

REPORT: Mexicans Sent $1.85 Billion Back Home in October, Average Remittance $285

Mexico received $1.85 billion in remittances in October, up 4.6 percent compared to the same month in 2012, the Bank of Mexico said Monday.

Mexicans living abroad sent $1.77 billion in remittances in October 2012, the central bank said in its monthly report.

This was the third consecutive month that the figure was positive, with a 13-month negative trend ending in August.

The average remittance was $285 in October, down from the $299 registered in October 2012, the central bank said.

A total of 6.5 million transactions, the majority of them electronic funds transfers, were registered in October, up from the 5.9 million registered in the same month last year, the Bank of Mexico said.

Remittances totaled $22.44 billion in 2012, down 1.57 percent from 2011.

Remittances sent by Mexicans living abroad, mainly in the United States, are the country’s second-largest source of foreign exchange, after oil, and help cover the living expenses of millions of people.

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