Home to 120 million people, Mexico is the eleventh-most populous country and the most populous Spanish-speaking state in the world. As of 2017, it is estimated that 12.9 million Mexicans live abroad, primarily in the United States. Remittances from Mexican citizens working in the US accounted for 0.2% of GDP in 2004, equal to US$20 billion per year.
Mexico is considered an ‘emerging economy’ due to the large degree of economic disparity between its richest and poorest citizens. That being said, Mexico is fast-becoming a big player on the economic stage. In 2017 its GDP was US$2.4 trillion, which was larger than its other major North American competitor – Canada.
The Mexican economy is heavily dependent on exports. The United States is Mexico’s largest trading partner, accounting for 81% of Mexico’s exports. This relationship makes the value of the Mexican peso heavily tied to the health of the US economy. As the world’s eighth-largest producer of oil, the overall level of commodity prices can also influence the direction of the exchange rate.
To send money to Mexico you’ll need the name on the recipient’s bank account, the CLABE (Clave Bancaria Estandarizada) and bank account number. The CLABE number has 18 digits and is a standard requirement for the sending and receiving of international bank transfers in Mexico.