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Trumps presidency is
approaching amid anxieties coming from Mexicans in America regarding his
campaign promises. His campaign promises include cracking down on undocumented
workers and building a wall between the US and Mexico. Just as worrying is the
threat to ban remittances to Mexico preventing the Mexican diaspora from
sending money home to family and friends.
It is estimated that migrants from Mexico to the US send over 27 billion dollars back home. Such a ban on money transfers would not just devastate the lives of those dependent on remittances but could negatively impact the Mexican economy. Money transfers to Mexico exceeds earnings from oil exports and manufacturing and it is still not clear to what extent Trump will change this.
As it stands no action has been taken but many suggest that the newly elected president will be keen on making this his one of many drastic changes in the first 100 days.
What will this mean to your money transfer?
This is not the first time a country has stopped money transfer from entering or exiting. Many countries and states enforce these laws as a means to control crime, money laundry and even immigration. Nevertheless, a change to the status quo will definitely have an effect that president trump is surly seeking. With this ban or prohibition potentially on the table, this could mean that money transfer to Mexico will be government owned and could perhaps be a financial move. If USA sanction a ban for money transfer to Mexico this could drive demand and allow USA to apply transactional fee’s of their choosing.
Many others have said that this move is following trumps campaign which was predominantly directed towards immigration and jobs being taken by immigrants. This can work in the favour of those who have supported him to be elected as president, but not for those who supported his opposition, Hilary.
As it stands at the moment no action has been taken, nor has there been any recent announcement of action but since the inauguration is looming many are expecting an announcement in the first few weeks of office.
Vorto Trading partners with SendThatCash for foreign exchange comparisonTue, 02 May 2017 - 12:32 AM