NEW YORK— Credit unions serving large immigrant communities are likely experiencing a sharp increase in remittance activity, as immigrants in the U.S. send more money home in response to rising deportations.
Bloomberg recently reported that remittances to many parts of Latin America are climbing at double-digit rates, with the region on track to receive $161 billion in transfers from the U.S. this year—an 8% increase from 2024.
According to the report, the Trump Administration’s mass-deportation campaign—affecting more than 180,000 people so far this year—has left many migrants fearful of being sent home, prompting efforts to safeguard their savings and ensure access to their money if deported.
According to the report, remittance growth to Mexico—the region’s largest recipient—has begun to slow, but countries like El Salvador, Guatemala, and Haiti are on track to receive nearly 20% more than last year. Honduras is seeing the fastest surge, with remittances up 25% over the first eight months of 2024.