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Profeco revealed which are the best and worst companies to send remittances from the US to Mexico

Profeco revealed which are the best and worst options to send remittances from the US to Mexico (Photo: UNAM)
Profeco revealed which are the best and worst options to send remittances from the US to Mexico (Photo: UNAM)

The Federal Consumer Attorney (Profeco) revealed the best and worst service options for sending money from abroad to Mexico. In an activity as relevant to the Mexican economy as remittances, remittance services have played a key role as intermediaries between workers and the families that receive the benefit.

According to the agency’s most recent report, Who’s Who in Sending Money, the company that paid the most was Ulink. With a calculation of 350 US dollars sent, without charging commission and the exchange rate at 19.5 Mexican pesos, Ulink delivered 6 thousand 825 pesos. He followed moneygram with 6 thousand 709.13 pesosa commission of 3.99 dollars and the exchange rate at 19.39 pesos.

In contrast, the companies that worse paid were Xoom and Wester Union. The first awarded 6 thousand 577.65 pesos for every 350 dollars with a commission of eight dollars and an exchange rate of 19.2 pesos, while the second was the one that gave the least 6 thousand 566.4 pesosa commission of eight dollars and a valuation of 19.8 pesos.

Profeco announced which are the best and worst options to send remittances from the US to Mexico.  (AP Photo/Gregory Bull, File)
Profeco announced which are the best and worst options to send remittances from the US to Mexico. (AP Photo/Gregory Bull, File)

The program Who’s Who in Sending Money Its objective is to provide information to citizens about the costs of different companies to send money from the United States to Mexico. Or as he explained it Ricardo Sheffield Padillaholder of Profeco, so that “Heroes who send money know where their dollars go the most converted to pesos.

During 2022, Mexico was able to maintain a relevant economic stability, as well as a recovery in various areas after various world events that caused major changes. One of the pillars that during 2022 was key to the national economy was the historical amount of remittances that were received from abroad, a new record that only in 11 months exceeded any previous year.

However, and despite the fact that there are multiple indicators that show a strengthening compared to the two previous years, the country dealt with inflation as the main challenge. Due to the impact it has directly On the pockets of Mexican families, the increase in the prices of goods and services was the central problem that the authorities had to manage and that, by 2023, will remain in this same condition.

Profeco announced which are the best and worst options to send remittances from the US to Mexico.  Photo: DARK ROOM
Profeco announced which are the best and worst options to send remittances from the US to Mexico. Photo: DARK ROOM

In this sense, the main indicators show a historical income with respect to the remittancesbut also in terms of foreign investment; strengthening internationally with a favorable exchange rate variation for the peso against the dollar; an increase in Bookings from the country; growth of GDP; formal jobs registered and implemented policies such as the increase in minimum salary.

In relation to money sent from abroad, the Bank of Mexico estimates that more than 53 billion dollars (billion dollars) have been received from January to November 2022. With this, it has exceeded the all-time high of 51.5 million dollars registered during 2021. However, with December still to be counted, the figure will be close to 60 million dollars, something never seen before in the Mexican economy.

“Is the main source of income for our country and this reaches 10 million Mexican families throughout the territory, even in the most remote communities. An average of 6-7 thousand pesos per family per month. Thank you very much to our countrymen, countrymenfor this great support. With these supports that go down (…) we were able to prevent people from not having enough for the basics during the pandemic, ”said President López Obrador during the last conference of 2022.

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