By Raul Hernandez-Coss
"Examining the event of the U.S.-Mexico remittances hall over the past 8 years, this name derives particular classes that may be appropriate to different remittance corridors whilst moving from casual to formal platforms. classes makes a speciality of a couple of chosen features of the remittance event and breaks down the remittance method into 3 levels: the 1st Mile, while judgements are within the arms of the remittance sender;the middleman level, comprising the structures that facilitate the cross-border move of cash, and;the final Mile, the place the cash achieve the arms of the remittance recipient. by way of interpreting the pursuits, stumbling blocks, incentives, and alterations taking place at every one of those phases within the U.S.-Mexico hall, classes are drawn for different remittance sending and receiving international locations that search to motivate formalization of the flows."
Read or Download Lessons from the U.S.-Mexico Remittances Corridor on Shifting from Informal to Formal Transfer Systems (World Bank Working Papers) PDF
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Extra resources for Lessons from the U.S.-Mexico Remittances Corridor on Shifting from Informal to Formal Transfer Systems (World Bank Working Papers)
The primary interest of financial institutions typically is not in the money transfers per se, but in forging a long term relationship with the sender. 32. For example, a member of the Latino Community Credit Union (LCCU) in North Carolina can add the name of a second person resident in his or her home country on the account, enabling the latter to access the funds at any Plus network ATM. The LCCU also employs innovative promotional offers to encourage repeat business, including coupling the remittance transaction to the issuance of a raffle ticket or to earning points toward merchandise rewards.
A mayoral candidate, he is highly respected and trusted by his community in Muna and by extensions of the community in the United States. Prof. Pacheco facilitates the “social linkage” between these two communities by receiving funds from overseas and making door-to-door deliveries of remittances. In doing so, he gets further acquainted with the members of his community and strengthens his reputation for honesty and trustworthiness. Muna is located two hours south of Merida, the capital of the State of Yucatan.
40 Such institutions around the world have developed new operational methodologies and products in recent years that 39. It is not unusual for rural remittance recipients in Mexico to travel half a day to the nearest city to find a distribution point for remittances. Upon arriving, the recipient may have to sleep outside on the sidewalk. When the bank opens in the morning, the recipient can pick up the funds and then spend another half day traveling home. Such journeys have implications for the productivity of the family, apart from the travel costs.