Cash transfers from the U.S. to Mexico are on the rise under President Trump.

Mexicans received $2.5 billion in remittances in March, compared to $2.2 billion a year earlier, according to data reported by Mexico's central bank, Banxico. That marks the third largest month in U.S.-Mexico remittance history, after October 2008 ($2.6 billion) and May 2006 ($2.5 billion).

Alberto Ramos, Goldman Sachs' chief Latin America economist, cautioned against making too much of one month of data but noted that remittances to Mexico have been on the rise since Trump's election in November.

"They seem to have accelerated after the U.S. election, and that may have been a strategic decision by many senders out of fear that the U.S. could move in the direction of taxing those remittances," he said.

Trump on the campaign trail floated the idea of taxing remittances as a way of getting Mexico to pay for a wall at the border. Republican Congressman Mike Rogers from Alabama in March introduced legislation that would impose a 2% fee on all remittances to pay for the wall.

Such a proposal could damage companies like Western Union (WU) - Get Report and Moneygram (MGI) - Get Report if it were to become reality.

Beyond fears over the possibility of Trump taxing remittances, there are other considerations, Ramos said.

Foreign workers with savings in the U.S. may be sending those savings back home given increased immigrant enforcement and uncertainty about the permanence of their residence in the U.S.

Moreover, the peso-to-dollar exchange rate is competitive. The Mexican peso was the hardest-hit currency in the wake of Trump's election, tumbling 10% from Election Day through the end of 2016 and an additional 5% during the first two weeks of 2017. It's rebounded since then, gaining about 10% against the dollar year-to-date. However, it's still well below where it was a year ago.

"There's a lot of bang for your buck," Ramos said. "This is a good time to convert or send money, because you get a lot of pesos."

Banxico's data shows the average transaction size in March increased to $316 from $291 a year earlier, and the total number of operations increased to 7,976 from 7,517.

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