FROM THE OFFICE OF PUBLIC AFFAIRS

I applaud Citibank’s announcement that it has reduced its remittance fees for account-holders to send money to Mexico.  Mexican-Americans send an estimated $10 billion back to family members in Mexico each year. The increasing competition among financial institutions - and resulting lower fees - will benefit these families significantly. 

Through the benefits of NAFTA and other agreements that we have with Mexico, mainstream financial institutions are playing an increasing role in making these transfers in a safer way and at lower cost.  As part of Partnership for Prosperity, the Treasury continues to encourage such progress, and recent fee-reduction announcements by financial institutions is a positive step toward achieving our goals.