The new law takes effect January 1st, 2026, and will charge a 1% tax on remittances sent from the United States.<\/p>\n\n\n\n
However, this tax is only to be applied to cash transfers, cashier’s checks, money orders and similar instruments. Examples include cash transfers through Western Union or MoneyGram. <\/p>\n\n\n\n
It doesn’t apply to electronic transfers. <\/p>\n\n\n\n
The government of Mexico is providing a card to enable Mexicans in the U.S. to send remittances electronically and not be subject to the remittance tax. <\/p>\n\n\n\n
From Perplexity<\/a>: “President Claudia Sheinbaum on Friday [July 18] promoted a government banking card that allows Mexican migrants in the United States to circumvent a new remittance tax set to take effect next year. Speaking at her morning press conference, Sheinbaum brandished a Finabien card for cameras while encouraging its use for electronic money transfers<\/a>.”<\/strong><\/p>\n\n\n\n “The Financial Institution for Well-being (Finabien) <\/strong>[that’s Financiera para el Bienestar in Spanish<\/em>] card enables users to send remittances electronically, avoiding the 1% federal excise tax that will apply to cash transfers starting January 1, 2026<\/a>. The tax, part of President Donald Trump’s legislative package, targets outbound money transfers but exempts electronic transactions<\/a>.”<\/strong> These cards can be obtained from the vast network of Mexican consulates in the United States, which by the way is the largest consular network in the world. <\/p>\n\n\n\n “The Finabien cards can be acquired at 53 Mexican consulates across the United States, by mail, or through digital application at miconsulado.sre.gob.mx<\/a>. <\/strong> Of course there is a small fee charged by Finabien.<\/p>\n\n\n\n “Finabien director Roc\u00edo Mej\u00eda Flores announced that transaction fees have been reduced from $3.99 to $2.99, benefiting the 30,000 cardholders currently operating in the United States<\/a>. Users can send up to $2,500 per day and $10,000 per month, with funds accessible through an [sic] mobile application<\/a>.”<\/strong><\/p>\n\n\n\n How does it work?<\/p>\n\n\n\n “The card allows direct deposit operations, enabling employers to send wages directly to the card or through authorized institutions<\/a>. Users can also reload their cards at major retailers including CVS, Walmart, and 7-Eleven<\/a>.”<\/strong><\/p>\n\n\n\n And the Mexican government has something for those who send funds via cash transfer. “Beyond promoting the Finabien cards, Sheinbaum announced that Mexico will reimburse the 1% tax for individuals who continue sending cash remittances<\/a>. ‘For those who send in cash, we’re going to provide a reimbursement of that 1% through the Finabien card,’ she said during her press conference<\/a>.”<\/strong> Note that what the Mexican government is doing is legal under U.S. law because the U.S. government exempted electronic transfers from the remittance tax! <\/p>\n\n\n\n It also shows that the Mexican government pays close attention legal developments in the U.S. that affect Mexican immigrants. <\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" One element in the recent “Big Beautiful Bill” passed by the U.S. Congress and signed by President Trump is the tax on remittances. Here’s the Wikipedia definition of “remittance”: “A remittance is a non-commercial transfer of money by a foreign worker, a … Continue reading
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According to Mexico News Daily, accounts can be accessed at 1,700 sites throughout Mexico<\/a>.”<\/strong><\/p>\n\n\n\n
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Source: ObturadorMX<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n