Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
12 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
17 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
17 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
19 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
20 hours ago