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When an investment looks like a bad risk, you take your money out of it. When your whole country’s economy looks like a bad risk you do the same thing. And that’s what wealthy Chinese citizens have been doing, stealthily moving their money abroad even though there is a potential risk of going to jail for violating laws against such moves.Since international borders reopened post-pandemic, advisers to the rich report a surge in demand for overseas backup options. Crackdowns on ideologically out-of-favor industries, uncertainty over geopolitical tensions and Xi Jinping’s push for “common prosperity” have spooked the rich and even...

Though President Trump said he would block money transfers to Mexico to fund a much-needed border wall, Mexicans in the U.S. sent a record $33.48 billion in remittances last year and a big chunk of it flowed through a government program operated by the Federal Reserve....Uncle Sam facilitates the process with a program called "Directo a Mexico" (Direct to Mexico), launched by the Federal Reserve, the government agency that serves as the nation’s central bank, more than a decade ago. President George W. Bush came up with the idea....

by Brian Hayes The White House is planning on targeting the tens of billions of dollars in "remittance payments" sent by illegal immigrants back to their home countries, in the wake of an ongoing migrant flood at the U.S. Southern border, a senior administration official told reporters Tuesday. The plans to target remittance payments come amid a broader shakeup at the Department of Homeland Security (DHS) and future executive actions designed to curb illegal immigration. The situation at the southern border has escalated in recent weeks, with thousands of migrants arriving daily to claim asylum. Officials say the illegal arrivals are spurred by...

The White House is planning on targeting remittance payments made by illegal immigrants in the wake of an ongoing migrant flood at the U.S. southern border, a senior administration official told reporters Tuesday. The plans to target remittance payments come amid a broader shakeup at the Department of Homeland Security (DHS) and future executive actions designed to curb illegal immigration. The situation at the southern border has escalated in recent weeks, with thousands of migrants arriving daily to claim asylum.

Legal and illegal immigrants wired almost $140 billion from the United States back to their home countries and foreign relatives in 2016.The huge loss of domestic spending by of immigrants’ remittances is spotlighted in a new report by the Pew Research Center, which also noted that $6.5 billion was sent back to the United States by foreign-based U.S. workers. That is a 21-fold difference and is enough money to support 2.6 million additional $50,000 jobs in the United States. The remittance number is based on calculations by the World Bank. The leading recipients of the exported remittances are people in Mexico, China, and...

Individuals outside of Mexico who sent money home in 2017 broke all prior records with more than $26.1 billion in 11 months. The latest figures from Mexico’s Central Bank (Banxico) 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 to date. In 2016, another record-setting year, Mexicans sent $24.1 billion. Banxico reports that 97 percent of the funds sent to Mexico came through wire transfers. Mexico’s second largest source of income was the export of oil for $18.5 billion in the first 10 months of 2017....

Mexico's biggest cash cow is under threat from President Donald Trump. The country's largest source of cash comes from Mexicans living in the United States. That is now under the microscope after Trump issued an executive order Wednesday to start building a wall on the border. During his campaign, Trump said multiple times that Mexico will pay for the wall. He even threatened to halt or tax cash transfers -- known as remittances -- from the U.S. to Mexico if the country refused to pay for it. Powered by SmartAsset.com SmartAsset.com "They will reimburse us for the cost of the...

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Migrants working in the United States sent a staggering $120 billion back to their families last year, it was revealed today. The amount of money being sent by migrants across the entire world reached $530 billion last year, making it a larger economy than Iran or Argentina, the data from the World Bank showed.

MEXICO CITY — Money sent home by Mexicans abroad plunged a record 15.7 percent in 2009 as migrants worldwide struggled to find work during the global economic slowdown, the central bank reported Wednesday. Remittances — Mexico's No. 2 source of foreign income after oil exports — totaled $21.2 billion in 2009, compared with $25.1 billion in 2008, the bank said. Since the bank began tracking remittances in 1996, it has recorded just one other annual decline — a 3.6 percent decrease in 2008, as the world financial crisis exploded. Central bank president Agustin Carstens attributed the latest drop to the...

Immigration from Mexico to the United States slowed at least 40 percent between mid-decade and 2008, according to the analysis, based on national population surveys in the United States and Mexico, as well as Border Patrol apprehension figures. The Mexican survey estimated that 1 million Mexicans left for the United States in a 12-month period beginning in 2006. Three years later, that number decreased to 636,000.

FAIRVIEW, N.J. – For five years, immigrant day laborer Leo Chamale wired money twice a month from New Jersey to his family in Guatemala. Recently, he stepped up to the money transfer window for a different purpose — to ask that his family send some of his savings back to him. "I hadn't worked for five months, and I was two months behind on rent, so I had them send $1,500," the 21-year-old Chamale said in Spanish. "My mother said, `That's a lot of money!'" With the U.S. economy in a ditch, money transfer agencies have been reporting a decline...

Mexican drug cartels use a “blood wire” to send money to drug and human smugglers, according to Arizona’s attorney general, who testified earlier this week before the Senate Judiciary Committee. “Western Union is by far the largest provider of illicit money-movement services, so it is the source of valuable information about illicit money movements and has been the focus of interdiction efforts aimed at criminal proceeds in transit,” Terry Goddard, Arizona’s attorney general, told senators. Goddard was one of several witnesses who testified March 17 before the Judiciary Committee and the Senate International Narcotics Control Caucus on law enforcement responses...

We are told that most of the money earned here by illegal aliens is sent back to Mexico (primarily), and is the source of billions of dollars of the Mexican economy. Much, much less goes to other south American and central American countries, but 80+ percent is to Mexico. If the money now sent to Mexico via money orders was taxed at 20%, and each transaction had a SSN attached for the sender to claim when "he" filed his taxes, then the "cash economy" now supporting illegals would be discouraged. The "cash" paid to illegals might still be laundered and...

Excelsior (Mexico City) 1/27/09 (full translation) The economic crisis which lashes the United States forces the Mexican workers, legal and illegal, to return to their places of origin. According to Carlos Villanueva, president of the World Association of Mexicans Abroad, (”AMME”) 30 percent of the nearly two million fellow countrymen who arrived in the country during the December season to spend the yearend holidays with their relatives have not returned to the United States for lack of a job which would guarantee their stay in the neighboring country. Villanueva explained that the contraction and recession in the world market has...

This is AP so link only. There was 3.6% dropin remittances YOY.

Yearly Mexican remittances drop for 1st time Associated Press Writer Julie Watson, MEXICO CITY – The money sent home by Mexican migrants fell in 2008 for the first time on record, Mexico's central bank said Tuesday — part of a global trend that could worsen as emigrants from developing countries lose jobs in the global financial crisis. Remittances, Mexico's second-largest source of foreign income after oil, plunged 3.6 percent to $25 billion in 2008 compared to $26 billion for the previous year, the central bank said. The percentage drop is nearly twice what the government had expected for the year,...

In 2007, "remittances," money sent back by Mexican workers to families in Mexico, beat out tourism as the second largest source of foreign money into the country. Only oil exports accounted for more. That is $24 billion that was taken out of the American economy. It was not spent in American stores. Best Buy sold fewer televisions. Ford sold fewer cars and trucks. Winn Dixie and Safeway sold fewer groceries. U.S. Steel sold less steel. And yes, even Exxon/Mobil sold less gasoline than it could have. Those fewer sales curtailed the growth of jobs for Americans in those companies. It...

PHOENIX (Reuters) - A criminal ring that Arizona police said used a shuttle service to smuggle drug and human trafficking profits to Mexico has been broken up with 47 people indicted, authorities said on Friday. Arizona Attorney General Terry Goddard said the firm shuttling passengers from Phoenix to Sonoyta, Caborca and Puerto Penasco in Mexico moved some $2 million a month in dirty money for at least 20 different human and drug trafficking organizations. The people indicted included drivers and other employees of the shuttle firm. They face a range of charges including money laundering, conspiracy and illegally conducting a...

In those states, the percentage of Mexicans sending money home fell to 56 percent from January to June, from 80 percent in 2006... Bank officials, pointing to a survey of Mexican immigrants in the report, said the decline reflected a rising sense of insecurity and uncertainty about whether they would stay in the United States. Anticipating a possible move back to Mexico, these immigrants appear to be saving more. “They have decided because of the uncertainty of the future that they need to step back and save a bit,” said Donald F. Terry, general manager of the Multilateral Investment Fund...