banks-are-late-to-the-remittance-party

Banks are late to the remittance party

Migrants remit $375 billion of cash across borders each year, but banks only touch 10% of wire transfer trade. Plans are afoot to improve this market share.
The numbers are breathtaking. There are more than 200 million migrant workers in the world and two-thirds of these people regularly send money home to relatives. That money is received by families that have at least four family members and that means, when you do the calculation, that one in eight people on the globe are direct or indirect consumers of remittance services. Many of these people are based in Asia.

ItÆs an opportunity that hasnÆt been missed by companies like Western Union and MoneyGram, two of the biggest providers of money transfer services, money orders, and bill payment services to consumers. Western Union makes $3 billion annually from these services.

Traditional banks, however,...
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