The Center for Latin American Monetary Studies (CEMLA) analyzed the days and hours in which remittances are sent to Mexico, since the information shows the needs and preferences of remittance senders, mainly Mexican immigrant workers in the United States who support their relatives in Mexico. Likewise, such hours also show the ability of the remittance industry to offer its funds transfer services according to what its clientele requires.
According to the study, the growing percentage of remittances are sent and collected in Mexico on weekends and half the number of shipments are made after 5 pm. In both cases this happens
when, in general, the traditional financial system does not provide its services to the public.
“The above reflects that practically half of the remittances are sent when the Mexican migrant has left work, which is relevant considering that an important segment of them is paid by the hour,” says the report.
For this report, CEMLA used databases of remittances sent to Mexico in 2013 and 2017 and it is considered that the results are still valid, because they represent a close snapshot of what is currently happening.
Over time, the remittance industry has shown great capacity and flexibility to adapt to the needs and preferences of both senders of remittances to Mexico and recipients of these resources.
An example of this adaptability is the possibility of sending and collecting remittances on weekends, when financial institutions are generally closed, both in the country of origin of the remittances and when they are received in Mexico.
The study indicates that from 2013 to 2017 the percentage of remittances that were sent to Mexico on weekends increased, as did those that were collected on weekends. In the 2013 sample of remittances, 24.6% of remittances were sent to Mexico on Saturdays or Sundays and by 2017 this percentage had risen to 31.1%.
Likewise, in the 2013 sample, the percentage of remittances that were collected on weekends was only 3.9%, but by 2017 it had already risen to 17.6% of the total sent throughout the week.
CEMLA points out that Mexican immigrants who send remittances to their relatives in Mexico, mainly from the United States, can do so practically 24 hours a day.
But the time when the highest percentage of remittance sending is concentrated is from 7 to 8 at night with 10% of the total and there is a high intensity of sending from 5 in the afternoon to 10 at night with 44.3% of the remittances sent. In fact, from 5 in the afternoon to 12 at night, 49% of the remittances were sent.
There are certain differences in the sending schedules of male and female Mexican migrants. In the case of men, the highest concentration of shipments is from 7 to 8 at night, with 10.6% of the daily total. 51% of the transfers were made from 5 to 12 at night, while at that time the percentage of remittances sent by women was 45.7%. In the latter, the highest intensity of shipments occurred from 5 to 6 in the afternoon with 9.3% of shipments.
The study indicates that there are slight differences throughout the week in the percentage of remittances sent from 5 to 12 at night. Said percentage is higher on Thursdays and Fridays with 52.8% and 54.6%, respectively, but even on weekends the percentage of those sent from 5 to 12 at night was high.
Keep reading:
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