WASHINGTON—Legal and illegal migrants sent $53.4 billion in remittances back to Mexico and Central America in 2018, or approximately double the estimated cost of building a border barrier on the U.S.-Mexico border, according to a World Bank report.
Remittances to Mexico reached $33.7 billion in 2018, up 21% from roughly $27.8 billion in 2016, World Bank stated.
The outflow to Central America rose to $19.7 billion in 2018, up from $15.8 billion in 2016, World Bank stated, adding that the outflow to Central America has risen 25% in just two years.