Remittances to Mexico increased 3.1% annually in the first six months of 2026, the Bank of Mexico (Banxico) reported Monday, rebounding from a 4.6% decline in 2025.
Banxico’s data shows that Mexico received US $30.76 billion in remittances between January and June, up from $29.84 billion in the same period of last year.
That total was the second highest on record for the first six months of a year, behind only the $31.34 billion Mexico received in remittances in the January-June period of 2024. More than 99% of the money came into the country via electronic transfers.
Banxico also reported on Monday that remittances to Mexico increased 4.2% annually in June to reach $5.47 billion, the second highest monthly total this year after May. It was the second consecutive month that incoming remittances — most of which are transferred by Mexicans living and working in the United States — exceeded $5 billion.
Despite the annual increase in remittances in June, the millions of Mexican families who receive such transfers didn’t collectively get more money in pesos.
“Considering the exchange rate and inflation, remittance-receiving households in Mexico received 8.3% fewer resources in real terms in June than the previous year,” according to BBVA Research.
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The USD:MXN exchange rate was 17.49 at the end of June, whereas a year earlier it was 18.76. Thus the peso appreciated 6.8% against the greenback in the 12 months to June 30.
The decline in remittances in 2025 — the first drop in 12 years — was partially attributed to fear of going out to work among U.S.-based Mexicans as the Trump administration carried out an aggressive deportation agenda. Ironically, the increase this year could be linked to fear of deportation, according to Jesús González Cervantes, director of the remittances forum at the Mexico City-based Center for Latin American Monetary Studies.
“We can’t rule out that the fear of being reported could also be fostering a positive effect in the sending of remittances to Mexico by undocumented Mexicans in the United States,” González said.
The average remittance to Mexico between January and June was $405
Banxico reported that 75.97 million individual remittances were sent to Mexico between January and June, a decrease of 1.8% compared to the first six months of 2025. During the period, the average remittance was $405, an annual increase of 5%. That amount was the highest average remittance in the January-June period for at least a decade, according to the newspaper El Economista.
In June, 12.97 million individual remittances were sent to Mexico, an annual increase of 0.4%. On average, each remittance was $422, a 3.8% year-over-year increase and the highest amount for any month on record.
Outgoing remittances increased 6.7% between January and June
Banxico reported that $627 million was sent out of Mexico in remittances between January and June, a 6.7% increase compared to the same period of 2025.
The average outgoing remittance in the period was $414, an annual increase of 3.4%.
In recent years, the number of immigrants settling in Mexico has risen, a situation reflected by significant increases in outgoing remittances in 2023 (+19.5%) and 2024 (+21.6%) before a decline in 2025 (-9.6%) amid weak economic growth.
With reports from El Economista, El Financiero and Reforma
