Remittances to Mexico rise 3% in July, hitting $36 billion for the year: what it means for your wallet in Cancún
The Bank of Mexico reported $5.571 billion in July, a sixth straight month of growth. How to cash your transfer without losing money to fees.
Mexico's remittance income —the money nationals abroad send home to their families— totaled $5.571 billion in July 2026, up 3.0 percent from the same month last year, according to figures released on September 1 by the Bank of Mexico. It was the sixth straight month of annual growth and the second-highest monthly amount of the year.
According to the central bank, July's result came from 13.1 million transactions averaging $426 each, and virtually all of it (more than 99 percent) arrived by electronic transfer. From January through July, the country took in $36.349 billion, 3.1 percent more than in the same period of 2025. Going the other way, outflows —money sent from Mexico abroad— were just $104 million for the month.
Why it matters in Cancún. While Quintana Roo is not among the states that receive the most remittances —unlike Michoacán, Jalisco or Guanajuato— thousands of local families have relatives working in the United States, and many households rely on those transfers for everyday expenses, tuition or rent. What actually lands in your pocket depends on two things you can watch: the day's exchange rate and the fee charged by whoever pays out the transfer.
How to cash out without losing money (practical guide).
- Compare before you cash. The same transfer can be paid at different exchange rates and fees depending on the bank, store or exchange house. Ask how many pesos you actually receive in hand, not just the fee.
- Prefer electronic transfer or deposit to an account, usually cheaper and safer than cash withdrawal at a counter.
- Bring valid official ID (INE or passport) and the reference number; without them you cannot collect.
- Beware of messages or calls asking for bank details or an "advance payment" to release a transfer: it is a common scam. No legitimate company charges you upfront to hand over your own money.
- For a complaint about fees or an undelivered transfer involving a financial institution, the channel is Mexico's financial consumer agency (Condusef), at 55 5340 0999.
The central bank updates these figures monthly; the next release, for August, will be published in early October.
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