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February 18, 2003
BANKS GO AFTER REMITTANCE MARKET Western Union and Bank of America “are local adversaries in a national fight for business of immigrants from Latin America and the Caribbean. Last year, that growing group sent more than $30 billion to their home countries, according to preliminary estimates by the Inter-American Development Bank, headquartered in Washington,” reports the Washington Post. “Wire-transfer companies such as Western Union Financial Services Inc. and Travelers Express/Moneygram dominate the remittance business, which brings in $3 billion to $3.5 billion a year in transfer and currency conversion fees.” |
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