In another example of the Trump effect, money transfer giant Western Union is reporting that its revenue from cash transfers to locations outside the U.S. has seen a 12 percent decline this year.
Migrants living in the U.S. both legally and illegally have traditionally been the greatest source of U.S. dollars flowing out of America and into foreign nations, even dwarfing the amount of foreign aid lavished on the world by the U.S. government. But with Donald Trump’s focus on immigration, Western Union is seeing far fewer customers needing their services.
Last week, Western Union CEO Devin McGranahan told investors that the company had seen a huge decline in cash transfers to Mexico, El Salvador, Peru, and Ecuador, according to CPR News.
“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 during the call with investors.
The loss of business sent Western Union’s stock down 15 percent this year.
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