The Money Cycle Out of US to Mexico

[AZGAL]

Should the USA develop a way to tax all the money that goes out of country when people send a money transfer from within the United States to others outside of our borders in other countries? Most of this money going out goes to Mexico.


Numbers, Facts and Trends Shaping Your World
PEW RESEARCH
Global Attitudes & Trends
January 23, 2018
Remittance Flows Worldwide in 2016
$138,165,000,000 in remittances was sent from United States to other countries in 2016

Worldwide, an estimated $574 billion (USD) was sent by migrants to relatives in their home countries in 2016, a 1% decline from 2015, when the amount was $581 billion, according to economists at the World Bank. This is the second drop in global remittances since the global financial crisis. Despite this recent decline, remittances sent by migrants are still about double what they were a decade ago, before the sharp decline in the global economy during the late 2000s.
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Remittances to Mexico Hit All-Time High in 2017
By Elliot Bullman
Saturday, 2018-02-03 (09:16:40)

Individuals outside of Mexico who sent money home in 2017 broke all prior records with more than $26.1 billion in 11 months. But is it fair to the US economy?

The latest figures from Mexico’s Central Bank show 2017 being a record-breaking year for receiving remittances by Mexicans abroad. From January to November 2017, Mexicans sent $26,167,00,000, the highest figure ever.

Remittances were actually Mexico’s biggest source of foreign income after auto exports, far surpassing the $20 billion that Mexico earned from oil exports and the $19 billion from tourism in 2017.

Undoubtedly the majority of these remittances were sent by legal immigrants to America, although a substantial share was in fact sent by illegal immigrants. It is estimated that illegal immigrants sent $38 billion abroad in remittances in 2017.
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future growth of remittance software is big business/ apps/ online/ many companies/ not taxed

 

[AZGAL]

US NEWS AND WORLD REPORT

Local Unit of Bank of China Authorized to Operate in Mexico
June 26, 2018, at 7:26 p.m. ​

MEXICO CITY (Reuters) - A new unit of Bank of China Ltd <601988.SS>, China's fourth-largest bank by assets, has been authorized to begin operations in Mexico, the country's banking regulator, CNBV, said on Tuesday, making it the second Chinese bank permitted to offer services locally.

The unit, known as Bank of China Mexico, will focus on corporate financial services for Chinese firms operating in the country, their suppliers and other Mexican businesses involved in trade with China, according to a statement from the regulator.

About 70 Chinese firms are active in Mexico, including China National Offshore Oil Corp, which won rights to potentially lucrative deepwater Gulf oil blocks at a 2016 Mexican oil auction.

 

[Moonglow]

The Mexican govt. squandered the money that PEMEX made over the last decade and had to auction off its oil reserves to pay for more oil in the country..

 

[AZGAL]

According to the longknife..."the US gives Mexico more than $340 million in foreign aid every year" SO LETS DO THE MATH PEOPLE: US aid to Mexico per year approx. $340 million + Mexicans sending money back to Mexico approx. 25 billion...that's billion!...= $ 25,340,000,000 GOING OUT TO PROP UP MEXICO at least !!! And then we spend here on border patrol, courts, welfare, charity, schools, detention centers. THE ISSUE HERE IS THAT so much FREE FREE FREE money goes to Mexico. Shouldn't the USA TAX SOME of this outgoing money and services???

 

[AZGAL]

...........................Can somebody explain how this Florida man is without resources to move somewhere after working in swanky Palm Beach??? Of course Mexico can give him work there and will welcome his family!

Updated: 12:27 PM EDT Jun 26, 2018
Tori Simkovic Reporter
Palm Beach restaurant manager prepares for deportation

PALM BEACH, Fla. —
Javier Gonzalez manages Pizza Alfresco in Palm Beach. He’s lived in Palm Beach County for a decade, and has a wife and three kids.

 

[AZGAL]

Spanish bank launches money-transfer app focused initially on US-Mexico remittances
Sarah Perez@sarahintampa / Oct 16, 2017

BBVA, Spain’s second-largest bank that snatched up mobile banking startup Simple for $117 million back in 2014, is now entering the mobile money transfer business with today’s launch of a new app called Tuyyo. The app, which is available on both iOS and Android, is focused on the $73 billion annual market for remittances to Latin America and the Caribbean from the U.S.

However, the service is initially launching with money transfers from the U.S. to Mexico, where the average amount sent by U.S. workers is about $1,900 per year, says BBVA. It also notes that the U.S. to Mexico corridor sees over $27 billion flowing between the countries annually, making it one of the world’s largest.

 

[AZGAL]

Then a different issue: Foreign investment in Mexico is concentrated close to the U.S. border where most maquiladora factories and facilities are located, and in the Federal District (Mexico City) and surrounding states: In the 33-page lawsuit obtained by Breitbart Texas, the plaintiffs provide a glimpse into how the Gulf Cartel made business difficult for the manufacturing plant called Thermo Fisher.

 

[Care4all]

Shouldn't the USA TAX SOME of this outgoing money and services???

no, they should not tax it....

most comes from legal Mexican Americans, and it is their money... they worked for it and were paid for their work....again, it is their own money earned....what they do with it is none of your or my business.... as a citizen, the gvt has no power to tell me what to do with my money after I've earned it for my labor and taxes have been withdrawn from it already for State and federal gvt.

IF I want to send my money to Italy, to relatives there, I SHOULD NOT have to pay an extra tax on it....

Do you tax rich people that spend their money overseas?

 

[AZGAL]

The New York Times N.Y. / Region
City to Help Immigrants Seeking Deportation Reprieves

By KIRK SEMPLEJULY 17, 2013

New York City plans to spend $18 million over the next two years to help young unauthorized immigrants qualify for a federal program that grants a temporary reprieve from deportation, officials announced on Wednesday.

 

[AZGAL]

 

[AZGAL]

The Mexican peso is divided into 100 centavos, and there are 12 different modern Mexican coins. With denominations below 1 peso, the first four of the coins are little used. Given that a peso is currently worth less than 6 cents, you can readily see that denominations below a peso have little value.