Estimates put the amount of dollars sent by migrant workers to Latin America and the Caribbean at almost USD 70 billion. It’s a huge number, and is more than Guatemala’s GDP for example. Millions of families across the continent depend on these remittances for their daily life
The volume of remittances sent to South and Central America is growing every year, with some important variations at the country level. Money transfers to Mexico highly depend on the economic situation in the United States, the country which hosts the majority of Mexicans living and working abroad, while Brazil remittance numbers correlate to the economic situation in Portugal and Spain. Other countries such as Chile have a more distributed diaspora and are less dependent on money transfers from a specific region.
The cost of sending money to Latin America has decreased over the last years, in large part due to the emergence of new technologies allowing transfers to be made over the internet or on mobile phones. You can now easily pay the bills of your family in Nicaragua, send money online to Panama or give some airtime credit to a friend in Puerto Rico.
The average cost of sending money to South and Central America could be much lower if everyone used the cheapest solutions available. However, with hundreds of providers available allowing you to send money, it’s not easy to find which company will be the best for your particular needs. On Monito, you can find and compare the best providers to send money to any country in Latin America for the exact amount you need to send.