American real estate mogul and presidential hopeful Donald Trump has announced his intentions to impound all remittance payments derived from “illegal wages” and increase fees on all temporary visas issued to Mexican CEOs and diplomats. Trump also vows to increase fees on all border crossing cards – of which we issue about 1 million to Mexican nationals each year – and increase fees on all NAFTA worker visas from Mexico.
‘Mexico must pay’
The majority of migrant Mexican workers send most of their salaries back to Mexico to their families. According to the World Bank, three of the most frequently used remittance service companies – Western Union (6.1%), MoneyGram (6.64%), CitiBank (14.59%) charge 9.11% on average, excluding the conversion fees.
If Trump’s immigration plan ever goes through, it will likely create a disastrous working environment for any foreign immigrants in the U.S., and will increase the transaction fees of remittance outlets, which are already taking a large cut of the migrants’ earnings.
Trump wrote on his official presidential campaign website:
“Mexico continues to make billions on not only our bad trade deals but also relies heavily on the billions of dollars in remittances sent from illegal immigrants in the United States back