This is how remittances are behaving after Trump's attacks

Remittances are a significant source of income for Mexico, but the Donald Trump administration is seeking new regulations for these movements, which has impacted the mobilization of these resources. Here are the details:

Cash transfers, which the U.S. government will impose a 1% tax on starting in 2026, will have a minimal impact on total remittances, as 99% are sent electronically .

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However, The average amount of remittances arriving in Mexico in cash and in kind began to increase considerably since the escalation of migration tensions. .

Last May, the average amount per remittance reached a historic $470 in cash remittances. , from the $350 that was commonly reported for years.

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In 2024, total remittances sent mainly from the United States amounted to $64.746 billion, a record figure .

Of that amount, $64.136 billion was processed through electronic transfers, while $128 million was processed through money orders. Cash and in-kind transfers totaled $482 million .

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Data from the Bank of Mexico (Banxico) shows that transfers account for 99% of total remittances. .

Meanwhile, 0.6% is in cash and in kind, and of that total only 0.2% is in cash and 0.4% in kind , which are those goods that migrants bring with them when visiting their relatives, or are delivered via a third party.

Payment orders represent 0.4% of the total remittances sent. .

What's coming

The law firm Procopio noted in a report that the law known as the One Big Beautiful Bill , already signed by President Donald Trump, includes a new 1% tax on international remittances made outside the formal banking system .

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It will apply to money transfers sent abroad through non-bank services, such as currency exchange offices or cash transfer platforms . Transfers processed through banks or other financial institutions regulated in the United States are excluded.

He indicated that, following the intense legislative process, Congress will enter a brief recess, but discussions on complementary legislation are expected to resume in the coming weeks.

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Secondary rules could include making the new limit on deductions for state and local taxes permanent, the office noted.

The president of the National Technical Committee for Fiscal Studies of the Mexican Institute of Finance Executives (IMEF), Pedro Aguilar, commented that there are many doubts about the scope of the measure. It was not known whether it would affect money transferred between a company's subsidiaries or to residents in the United States for tax purposes, he said.

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OA