Western Union partners with Walmart in Mexico

Business Insider 07/07/16 

WalmartThrough a partnership with Walmart de Mexico y Centroamérica, Western Union will add 1,266 Walmart-owned stores across Mexico to its pickup locations, according to Finextra. The partnership, which expands upon the firm’s 13,600 agent locations in Mexico, will begin servicing customers in the third quarter.

Western Union has recently expanded in Mexico, which is a critical market.

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Remittances Supersede Oil As Mexico’s Main Source Of Foreign Income

5/17/16 Forbes

StrawberryPickersNearPonchatoulaFSARemittances, the earnings that Mexican workers in the U.S. send home, quietly replaced oil revenues as Mexico’s number one source of foreign income last year. In late 2014, oil was still Mexico’s main source of foreign exchange, but due to a dramatic fall in oil production following a lack of investment and a plunge in international oil prices, this is no longer the case.

“Remittances surpassed crude oil revenues for the first time in history in December of 2014. Since then, remittances have continued to increase even to the point of representing more than twice the value of crude oil exports since December of 2015,” José Alfredo Coutiño, Moody’s Director for Latin America, told me.

In 2016, first quarter remittances of $6.2 billion were 56.7% higher than the $2.6 billion earned from oil exports for the same period. The remittances for the quarter represents an 8.6% jump over the funds sent in the same period in 2015, according to Mexico’s Central Bank data.

Last year, Mexican remittances were $24.8 billion, while oil exports were $18.7 billion. With remittances growing and oil revenues decreasing, the pattern is likely to continue.

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Mexicans in US sending less money home

5/4/2016 The Hill

us mex flagMexican immigrants in the United States are sending less of their income to family members in Mexico, according to a new study.

The study, conducted by the Center for Latin American Monetary Studies (CEMLA), found that Guatemalan immigrants remit more funds than any nationality, at 30 percent of their earnings.

Mexicans sent 10.15 percent of their earnings in 2014, compared to 12.47 percent in 2007. The study attributes the reduction to reduced immigration from Mexico. In 2007, 2.4 percent of Mexican immigrants had lived in the United States for less than a year. By 2014, that number dropped to 1.2 percent.

Immigrants from Mexico and Central American countries who entered the United States before 2010 are also much more likely to send remittances, as are younger immigrants and those who have a mortgage.

Older and disabled immigrants, on the other hand, are much less likely to send remittances.

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Mexico cenbank slams Trump remittance plan as rights violation

4/13/16 Reuters

380px-Agustin_CarstensU.S. presidential candidate Donald Trump’s proposal to force Mexico to pay for a border wall by threatening to block remittances from illegal immigrants would be a major violation of Mexicans’ rights, Mexico’s central bank governor said on Tuesday.

The Republican candidate said last week that if elected in November, he would use a U.S. anti-terrorism law to cut off such money transfers unless Mexico made a one-time payment of $5 billion to $10 billion for the wall.

Mexican Central Bank Governor Agustin Carstens, speaking in Mexico’s Congress, dismissed the idea.

“The remittances are the property of the people that make them and they have every right to be able to carry out international transfers,” Carstens told reporters. “So it would be a serious violation of the property rights of our fellow citizens abroad and this measure would be completely unjust.”

The U.S. remittances are worth roughly $25 billion per year, or close to 2 percent of Mexican gross domestic product.

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Mexico Got More Money from Remittances Than from Oil Revenues in 2015

3/3/2016 NBC News

energy - oil_rigMexico’s central bank reported Mexicans overseas sent nearly $24.8 billion home in 2015, overtaking oil revenues for the first time as a source of foreign income.

Remittances were up 4.75 percent from 2014 when they totaled $23.6 billion, the Bank of Mexico said. They had never before surpassed petroleum since the Bank of Mexico began tracking them in 1995.

Analysts pointed to slumping global prices for oil, which earned Mexico $23.4 billion in 2015, and improved economic conditions in the United States, home to more than 11 million Mexicans and the source of nearly all Mexico’s remittances.

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Mexico: Remittances as a crime-fighting weapon

08/28/14 Financial Times – Beyond brics

federal police mexicoMexico has a brand new police force, the gendarmería tasked with beefing up the country’s crackdown on crime.

But according to the Inter-American Development Bank(IDB), it may have a powerful crime-fighting weapon already: remittances.

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Remittances to Mexico rise 7.89 pct.

7/2/14 Fox News Latino

currency - coinsRemittances sent to Mexico by emigrants totaled $9.58 billion in the first five months of 2014, up 7.89 percent compared to the same period last year, the Bank of Mexico said.

Mexico received $8.87 billion in remittances during the January-May 2013 period, the central bank said in its monthly report.

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