Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
New guide tells how to tap remittance market
SAN FRANCISCO (1/10/08)--Credit unions looking to tap the remittance market can consult a new guide which explains why many immigrants don’t use banks. “Banking in a Global Market,” by the Appleseed Network, a non-profit group, provides information for setting up a remittance program. It also compares current models that financial institutions use, such as offering dual ATM cards or partnering with money transfer operators (San Francisco Chronicle Jan. 8). Western Union and other money transfer companies currently dominate the remittance market, although financial institutions, including credit unions, have begun to participate. Many credit unions offer remittances through the World Council of Credit Unions’ International Remittance Network (IR Network). Many immigrants say large financial institutions target only the wealthy, and as a result, immigrants carry their money and are then targeted by thieves. Moving away from cash-based transactions can benefit immigrants, but it takes time to change consumer behavior, said Ann Baddour, one of the guide’s authors. Financial institutions who don’t serve the remittance market will lose out, she told the newspaper. The average amount of money immigrants send back to home countries has increased. In 2006, immigrants transferred $300 billion, with $23 billion moving from the U.S. to Mexico, the newspaper stated.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
1 Day ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
1 Day ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 Day ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 Day ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 Day ago