Mother’s Day offers an incentive to send money

By the end of the month, Mexican will send millions of money from the United States home, and this year may be more than any other month. May usually be due to the “Mother’s Day Effect”, which is usually the December and Christmas holidays.

In particular, a recent study of Japin 58 users, a site that sending money via WhatsApp, targeting Mexican immigrants in the United States, revealed that about 67% of respondents were transferred to their mother on May 10, the day of Mother’s Day celebrated in Mexico.

On average, users send $ 360 to their mothers on this day, Job said.

Study Migration and Money Sending Laboratory of PPVA ResearchSending money is often used for a celebration of savings, everyday expenses or mothers, aunts, sisters or grandmother’s organs.

In the meantime, 79%of respondents send money directly to their mothers, and the rest offer sisters (30%), children (30%), or in person (10%). About 31% of people said they were sending money, so they could spend it even if they wanted. Others say it is medicine (19%), food (13%) or simply buying good (15%).

Between 2019 and 2023, 6.5% more money was sent than the months of April and June in May, which may be explained by Mother’s Day.

By May 2024, Mexico recorded 14.8 million cash transactions, which refers to an annual increase in an annual increase – this is the highest level. The BPVA report states that the reduction of money sending costs in the recent decades and the gradual increase in digital transactions through financial applications may be some factors that drive this growth at a transaction level. Nevertheless, the average transmitting amount in 2024 was US $ 381, which declined by 2.3% compared to the same month of 2023.

Experts who send BPVA money in the last 20 years have found that the money transfers have increased by an average of 14% compared to the rest of the year. By May 2020, the Gov -19 sent 18% of the concerns of Mexico’s health crisis during the infections.

In another study of Visa, 42% of the Mexican immigrants who send money to the country do so electronic. Seven of these digital money transfers are considered “Cash Travel: Send Digital Money in 2024” that seven of the seven of the seven users are considered faster and efficient fees than traditional channels.

With reports from Economist