Reforming the Remittance Transfer Market

Publication Date: January 2005

Publisher: National Council of La Raza

Author(s): Beatriz Ibarra; Beatriz Ibarra

Research Area: Population and demographics; Social conditions

Keywords: Hispanic population; Household income; Wire transfer services; Money transfer

Type: Report

Coverage: United States United States

Abstract:

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.