Surfing the Remittance Wave
The Hispanic migration to the United States has been one of the most significant population movements worldwide, generating some 18% of the $250 billion of money flows transferred globally, according to the latest World Bank estimates. For years, the remittance business to Latin America was the exclusive arena of a handful of money transfer operators (MTO’s), led by Western Union.
This landscape has been changing slowly but surely as top U.S. and Latin American banks build strong inroads into this business. The real opportunity for banks on both the sending and receiving sides is to leverage remittances to acquire more profitable clients. Are U.S. banks taking full advantage of this massive payment activity?
In this Strategic Commentary entitled “Surfing the Remittance Wave,” Speer & Associates, Inc. (S&A) examines the remittance landscape today and why so many banks are entering the competition.
