Reforming the Remittance Transfer Market
Publication Date: January 2005
Publisher(s): National Council of La Raza
Special Collection: John D. and Catherine T. MacArthur Foundation
Keywords: Hispanic population; Household income; Wire transfer services; Money transfer
Coverage: United States United States
This analysis of remittances – the money sent by immigrant workers in the U.S. to family members abroad – affirms that reforming the $45 billion Latino remittance transfer market could help put Hispanics on a path toward greater prosperity and wealth. The report builds on earlier studies by the Multilateral Investment Fund and Pew Hispanic Center which found that lowering wire transfer company fees by just five percentage points could generate annual savings of $1 billion for Latino households here and abroad.