Driven by weakness in the Mexican peso, dollars flowing into Mexico jumped 25% in November from a year prior, the fastest growth rate in a decade. The U.S. to Mexico is the largest single remittance corridor in the world ($25 billion). The 2nd largest is U.S.-to-China ($16 billion).
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Weak Peso Means Strong Business for Remittance Providers
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Shares of cash-transfer services MoneyGram International Inc. and Western Union Co., which have been under pressure for years because of digital and price competition, rose sharply at the end of 2016, thanks in part to these higher volumes. U.S.-to-Mexico flows make up about 10% of Moneygram’s volume, according to the company, and about 5% of Western Union’s, according to analysts. MoneyGram Chief Executive W. Alexander Holmes said remittance flows are hard to shut down.
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