Nov 29 2016

Credit Unions and Remittances: An Environmental Scan

The market for remittances--small, regular money transfers to migrants' home countries--is enormous but fragmented. Large money transfer operators (MTOs) are widespread and make international cash transfers relatively easy, but for extremely high fees. In comparison, most credit unions currently only offer wire transfers, which are too slow and expensive to suit the small, regular transaction patterns of most migrants. International remittances offer an opportunity for credit unions to attract new members and offer an essential financial service at lower rates. In order to provide these services, credit unions need to leverage their high-touch member services and their willingness to innovate and embrace new technologies.

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Report Number 417