Remittance Tax Draws Fintech Pushback

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The governor of the Banco de México ( Banxico ), Victoria Rodríguez, considers that a 3.5% tax on remittances sent from the United States to Mexico will result in high costs for formal channels. "(The tax) could encourage the search for unregulated channels and this would represent, if any, a setback to the progress that has been made," she said at the quarterly report conference. Rodríguez stressed that 99% of remittances are sent through digit…

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The tax that U.S. President Donald Trump plans to impose on remittances would encourage shipments of dollars through unregulated channels, which would represent a setback in the security of the transfer of these currencies, warned the governor of Banco de México, Victoria Rodríguez Ceja.The governor of the central bank said in a press conference, on the occasion of the Quarterly Report January-March 2025, that a tax on remittances would be a ste…