Reforming the Remittance Transfer Market

Author:	Beatriz Ibarra
Date:	May 11, 2005
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Topic:	Community and Family Wealth-Building
Policies:	Access to Financial Services, Protecting Assets and Wealth, Remittances

Summary

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.