Latin America · GDP rank #12

Mexico

MX · MXN @ 0.0575/USD

A two-speed payments economy: SPEI handled more than 7.3 billion interbank transactions in 2025 and is on track to overtake card volume by 2026, while CoDi has been allowed to wind down in favour of DiMo's phone-alias overlay. Remittance inflows from the United States stayed the world's largest by absolute value but fell 4.6% in 2025 — the steepest annual decline in 16 years. The fintech sector regulated under the 2018 Ley Fintech has become the region's most active deposit-competition battleground after Brazil.

Tab 05

Cross-border

Inbound and outbound remittance corridors, tourism flows, FX markup on retail cross-border, and the country's posture on stablecoin adoption. Corridor figures come from the World Bank RPW feed or the publishing central bank; both are cited when they disagree.

Remittance inflows

US$61.8B▼ −4.6% vs 2024

USD · 2025

Largest annual decline since 2009. Q1 2026 inflows recovered to US$14.46bn, up 1.4% year-on-year.

Remittance outflows

US$1.4B

USD · 2023

Inbound tourism spend

US$31.4B

USD · 2024

Outbound tourism spend

US$13.8B

USD · 2024

Avg. corridor cost

3.8%

% · Q4 2024

Below the global 6% average; Mexico has the most competitive inbound remittance market in Latin America due to scale and fintech disintermediation.

Net position

recipient

Top inbound corridors

United StatesUS$60.1B
via MTO and bank credit to Mexican debit card
CanadaUS$920M
via bank/MTO

Top outbound corridors

ColombiaUS$160M
via MTO

Cross-border card

Card flow leaving and arriving

Cards issued domestically and used abroad reflect outbound consumer travel and cross-border e-commerce; volume acquired from abroad reflects inbound tourism and foreign online shoppers.

Issued volume spent abroad

US$13.8B

USD/year · 2024

Acquired volume from abroad

US$31.4B

USD/year · 2024

FX cost

What consumers pay above the interbank

Retail FX markup is the spread between the mid-market rate and the rate the consumer receives — the single largest friction point in small-ticket cross-border.

FX regime: free-float
Reference: Peso free-float since December 1994; Banxico targets inflation rather than the currency

Source · Banco de México

FX markup not reported.

Full reference

Remittances

Net Position: recipient

Source: