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
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
7 minutes ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
1 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
1 hours ago
Kids learn budgeting with M&Ms http://t.co/SzXipTLX12
2 hours ago
Neb. #creditunions report widespread growth: 3Q review #NewsNow #system http://t.co/BavEljz15w
3 hours ago