Remittances total 47.164 billion dollars over nine months, but September marks their lowest level since April
Remittances total 47.164 billion dollars from January to September, 2.1% more than a year earlier, according to Banco de México, although September was the lowest month since April. The strong peso and the slower pace of employment for Mexicans in the United States are weighing on the flows.
Mexico received 47.164 billion dollars in remittances between January and September 2026, 2.1% more than the 46.184 billion in the same period of 2025, that is, 980 million dollars more, according to data from Banco de México (Banxico).
According to the same institution, September alone brought in 5.362 billion dollars, an annual increase of 1.6%. With that, the month closed as the lowest since April, when 4.983 billion arrived.
The central bank adds that the average amount per transfer rose from 391 to 411 dollars (5%), while transactions fell 2.7%, to 114.9 million. In other words, families send money less often, but in larger amounts.
A strong peso erodes the value of every dollar
When the transfers are converted to pesos and inflation is discounted, remittances lost 14.79% of their purchasing power in August, according to calculations based on central bank data, and they have now posted 15 months of declines in real value. Janneth Quiroz, director of Economic Analysis at Monex, noted that the peso's monthly appreciation of 2.3% may have played a role: each dollar sent buys fewer pesos.
Employment on the other side of the border
On the U.S. side, the labor picture weighs on the flows. Gabriela Siller, director of Economic Analysis at Grupo Financiero BASE, stressed that people of Mexican origin filled 378 thousand new jobs between January and September, compared with 1 million 317 thousand for other Latin Americans. The specialist warned that this combination leaves a negative outlook for remittances in the coming years.
Along the same lines, the Centro de Estudios Monetarios Latinoamericanos (CEMLA) documented that construction lost close to 278 thousand Mexican workers in the first three quarters of the year. That sector accounted for nearly six out of every ten of the 465 thousand fewer jobs the organization recorded across the activities analyzed.
What comes next
Despite this context, Monex expects flows to remain resilient, though it flags risks from geopolitical tensions, the tightening of migration policies and the behavior of the exchange rate.
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