Remittances into Mexico fell 5% YoY in 2025 – the biggest decline since 2009. Here, we take a deeper look at the data and explore some of the factors behind this fall.
Mexico’s central bank, Banco de México (Banxico), regularly publishes remittance figures into Mexico from workers based abroad. But recent data has shown that both the total amount of money sent into the country and the number of transactions are both down compared to 2024. This represents the first time since 2013 that Mexico has seen a YoY decrease in the total amount of money received via remittances while also being the first time the number of transactions has fallen since 2009.
In 2024, Mexico received 164.8 million remittance transactions, amounting to $64.7bn – record totals for both values. However, in 2025, Mexico received nine million fewer remittances and almost $3bn less than the previous year – with both even below 2023 levels.
Mexico-US, the single largest remittance corridor in the world, had by far the largest impact on this decline, with a cumulative $2.5bn less sent to Mexico from the US in 2025 compared to 2024.
Remittances from the US saw the most significant decline in Q2 2025, falling 10% YoY. The total number of dollars sent along this corridor to Mexico also fell 5% in Q3 and 2% in Q4, signalling a potential softening in declines going forward.
A number of factors are likely behind these declines, although many are attributing drops to a change in policies related to immigration in the US. Data from the US Department of Homeland Security suggests that border crossings were down 93% YoY in 2025, which would significantly reduce the number of people sending these types of transfers back home from the US.
Part of President Trump’s ‘One Big Beautiful Bill’ act outlines a 1% federal tax on remittances, which came into effect at the start of the year. While this could have a further impact on remittance volumes into Mexico in the future, the tax only applies to remittances made using cash, money orders and cashier’s checks, which accounted for 1% of all transfers into Mexico in 2025 – with electronic transfers making up 99%.
