Remittances to Mexico totaled US$5.362 billion in September 2026, up 1.6% year on year, according to the Bank of Mexico (Banxico). Compared with August, however, they fell by about 1.7%, the second monthly decline in a row. Between January and September Mexico received US$47.164 billion, 2.1% more than in the same period of 2025, according to the November 3 release reported by N+ and La Razón.
The figure confirms a year of very modest growth: after the drop in 2025, money transfers from the United States are recovering only slightly, with fewer transactions and higher average amounts. This article brings together Banxico's figures, what explains the change and the context of the new 1% tax the United States has charged since January.
How much Mexico received in remittances in September 2026
The remittance table in Banxico's Economic Information System shows the last three months. September was the lowest amount since April, according to El Financiero, although Mexico has now posted five straight months above US$5 billion.
| Month | Remittances (US$ million) | Transactions (million) | Average transfer (US$) |
|---|---|---|---|
| July 2026 | 5,570.6 | 13.08 | 426 |
| August 2026 | 5,452.3 | 13.25 | 412 |
| September 2026 | 5,362.2 | 12.58 | 426 |
Source: Banxico, table CE81, retrieved November 4, 2026. The average transfer is the one reported in the table itself; for September it matches the figure published by N+. Banxico revises its figures often, so they may change in future releases.
Remittances to Mexico this year: up 2.1% through September
The 2026 total exceeds 2025 by about US$980 million. The increase comes from the average size of each transfer, not from the number of transfers, which keeps falling.
| Indicator (January to September) | 2025 | 2026 | Change |
|---|---|---|---|
| Remittances received | US$46.184 billion | US$47.164 billion | +2.1% |
| Number of transactions | about 118 million | 114.9 million | −2.7% |
| Average transfer | US$391 | US$411 | +5% |
| Remittances sent from Mexico | US$872 million | US$972 million | +11.4% |
Sources: Banxico, via N+ and La Razón. The 2025 number of transactions is an estimate based on the reported 2.7% decline; Banxico does not give it in those press reports. Over the last 12 months (October 2025 to September 2026) US$63.452 billion came in, almost the same as in the previous 12 months (US$63.370 billion).
Why remittances to Mexico are growing so little
Analysts point mainly to the labor market for Mexican migrants in the United States. Gabriela Siller, head of economic analysis at Grupo Financiero Base, attributed the weakness to President Donald Trump's immigration policy and to the likelihood that many Mexicans have returned home, according to El Financiero. Janneth Quiroz of Monex told the same outlet that US employment does not reflect the stronger pace of that economy.
An analysis by the Center for Latin American Monetary Studies (CEMLA), cited by El Financiero, estimates that employment of Mexican immigrants kept falling in the first nine months of 2026: about 278,000 fewer workers in construction, 107,000 fewer in food, recreation and lodging services, and almost 80,000 fewer in manufacturing.
- Fewer transfers: September transactions fell 6.3% from a year earlier, according to N+.
- Larger transfers: the average amount rose 8.4% year on year, to US$426.
- Exchange rate: Siller expects the recent depreciation of the peso to improve, from October, the purchasing power of families that receive dollars.
- Comparison base: September 2025 was a weak month, then reported by Banxico at US$5.214 billion, down 2.7%, according to Uno TV.
The 1% US tax on remittances
Since January 1, 2026, the United States has applied a 1% tax on money transfers abroad, created by the tax law known as the One Big Beautiful Bill and codified in section 4475 of the Internal Revenue Code. It applies only when the transfer is paid with cash, a money order, a cashier's check or a similar physical instrument. Transfers funded from a bank account or with a debit or credit card are exempt, explains the consulting firm RSM.
| How the transfer is paid | Is the 1% charged? |
|---|---|
| Cash at the counter | Yes |
| Money order or cashier's check | Yes |
| From a bank account | No |
| With a US-issued debit or credit card | No |
The channels tell the story: so far this year, 99.2% of remittances arrived by electronic transfer (US$46.773 billion), against 0.6% in cash and in kind and 0.2% in money orders, according to La Razón. Banxico does not attribute a specific amount to the tax in its figures, so its total impact has not been measured.
What remittances mean for Mexico
Remittances are one of the country's main sources of dollars, along with manufacturing exports and foreign investment. Mexico is the largest recipient of remittances in Latin America in dollar terms, as shown in our ranking of remittances by country. That is why the figure is closely watched in a year when the relationship with Washington weighs on the economy, as we explained in what is at stake for Mexico in the US midterm elections.
For the households that receive them, the value in pesos depends on the exchange rate. With a weaker peso, each dollar goes further even if the same amount arrives. To compare with local incomes, see the minimum wage in Mexico in 2026.
| Context | Figure | Source |
|---|---|---|
| Remittances in September 2026 | US$5.362 billion (+1.6% y/y) | Banxico |
| Remittance account balance, September | Surplus of US$5.247 billion | Banxico, via La Razón |
| Remittances sent from Mexico, September | US$115 million (+23.2%) | Banxico, via La Razón |
| Next release (October) | Early December | Banxico's usual calendar |
Frequently asked questions
How much money did Mexico receive in remittances in September 2026?
US$5.362 billion, 1.6% more than in September 2025 and about 1.7% less than in August, according to Banxico.
How much have remittances totaled in 2026?
US$47.164 billion between January and September, 2.1% more than in the same period of 2025.
What is the average transfer?
US$426 in September 2026 and US$411 so far this year, compared with US$391 in 2025.
Is the 1% tax charged on all remittances?
No. Only on transfers paid with cash, a money order, a cashier's check or another physical instrument. Transfers funded from a bank account or with a card are exempt.
Why did remittances fall compared with August?
Analysts attribute it to lower employment of Mexican migrants in the United States and to immigration policy. Transactions fell 6.3% in a year.
