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There has been a “significant slowdown” in cash transfers from migrants in the US to Mexico, El Salvador, Peru, and Ecuador, according to Western Union.
Western Union CEO Devin McGranahan said, “Recent policy changes have led to a substantial decline in border crossings and an increase in enforcement actions including workplace inspections and deportations which have created uncertainty and hesitation within migrant communities. These developments continue to impact customer behavior.”
Western Union, a Denver-based American icon and one of the largest money transfer businesses in the world, is taking a hit to its bottom line because of the Trump administration’s immigration policies.
The company reported that revenues for its U.S.-based business declined 12 percent during the third quarter, continuing a slide that started earlier this year.
During a conference call with investors, CEO Devin McGranahan attributed the decline to a significant slowdown in cash transfers to Mexico, El Salvador, Peru and Ecuador.
“Recent policy changes have led to a substantial decline in border crossings and an increase in enforcement actions including workplace inspections and deportations which have created uncertainty and hesitation within migrant communities. These developments continue to impact customer behavior,” McGranahan said.
Countries receive billions in remittances every year from the United States.
Remittances 2024:
Nicaragua: $373.5 million
El Salvador: $8.479 billion
Peru: $4.945 billion
Ecuador: $6.54 billion
India: $135.46 billion
In January 2025, Nicaragua received $373.5 million in remittances, for instance. A World Bank report found that remittances amounted to 27 percent of Nicaragua’s Gross Domestic Product (GDP) in 2024.
Other nations receiving huge amounts in cash sent home by foreign nationals living in the U.S. include El Salvador ($8.479 billion in 2024), Peru ($4.945 billion), Ecuador ($6.54 billion), and India ($135.46 billion).
By contrast, the U.S. government only lays out about $80 billion a year in direct foreign aid.