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Remittance services of banking institutions likely account for less than 5-10% of U.S.- Latin America money transfers. Despite Large profit margins, the money transfer systems of banks were set up with large sums of money in mind, making small remittance transfers of only a few hundred dollars or less relatively inefficient and undesirable.
Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances. [2] [3] [4] Ria initiates transfers through a network of agents and company-owned stores located throughout North America, South America, Europe, Asia-Pacific, Africa, and online. Ria is one of the big four remittance companies. [5]
Forty-nine US states (sans Montana [4] [5]) regulate (i.e., require licensure for) money transmitters, although the laws vary from one state to the other. [6] Most of the states require a money transmitter surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintain a minimum capital requirement.
A substantial share of remittance ends up in the hands of banks and money-transfer companies due to fees imposed on money transfers. [1] Scholars have linked remittance flows to improved health and education incomes in low-income countries, as the money provides access to food, medicine, health treatments, and education. [1]
The following article presents a comprehensive overview of countries ranked by the amount of remittances they receive from abroad. Remittances, defined as monetary transfers made by migrants to their home countries, play a crucial role in global economies and the livelihoods of individuals and families.
Electronic money; ISO 9362 (the SWIFT/BIC code standard), ISO 15022, and ISO 20022; China Foreign Exchange Trade System (CFETS) Society for Worldwide Interbank Financial Telecommunication (SWIFT) SPFS (Russia) Structured Financial Messaging System (India) Value transfer system; List of financial regulatory authorities by country
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