International remittances: information for New England financial institutions

Mamie Marcuss

No 2005-1, Public and Community Affairs Discussion Papers from Federal Reserve Bank of Boston

Abstract: Each year, individuals in the United States send billions of dollars abroad. Most of these remittances are sent by immigrants to their home countries, and the majority of them flow through a handful of service providers who dominate this highly profitable business. As the immigrant population in the United States continues to grow, the volume of remittances climbs each year, reaching nearly $35 billion in 2004. Bankers and other financial professionals are taking notice, and financial institutions around the country are investigating ways to enter the market and capture a share of this growing source of revenue. To aid New England's financial institutions in their exploration of the remittance market, the Federal Reserve Bank of Boston has developed this report, intended to enhance the overall understanding of remittances and to highlight the potential costs and benefits of establishing a remittance program.

Keywords: Emigrant remittances; Banks and banking - New England (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-fmk
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.bostonfed.org/commdev/pcadp/2005/pcadp0501.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedbpc:2005-1

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Public and Community Affairs Discussion Papers from Federal Reserve Bank of Boston Contact information at EDIRC.
Bibliographic data for series maintained by Catherine Spozio ().