NewsWhore
02-03-2012, 03:50 PM
On Thursday 2 February, the Center for Latin American Monetary Studies (CEMLA), the Multilateral Investment Fund (FOMIN), members of the Inter-American Investment Banks (IDB) and the World Bank Group launched www.enviacentroamerica.org, a free online tool for comparing the costs of sending remittances from the United States to six countries in Central America and the Dominican Republic. The Central American countries are Costa Rica, El Salvador, Honduras, Guatemala, Nicaragua, Panama and the costs are based on sending US$200 and US$500.
CEMLA remittance specialist Paloma Monroy said that the initiative would help the Hispanic community to understand better the costs and options available before deciding how and with whom to send the money. He felt that it would lead to more transparency in the market and a reduction in costs.
The new website gives details of how much different operators charge in the five main remittance centers in the United States: California, Florida, New York, the District of Columbia and Massachusetts
Massimo Cirasino, who heads of the Financial Infrastructure division at the World Bank, said that remittances represented a vital income for millions of families in Central America and the Dominican Republic. He said that this website would provide useful information which should help those who need it.
It is estimated that only in the last three months of 2011 the emigrants from the six Central American countries and the Dominican Republic spent more than US$200 million on charges, just to cover the costs of sending money home to their families from the USA.
An analysis of the data over this period showed that they paid US$12 on average per US$200 sent to their countries of origin. It showed that only one percentage point decrease in the cost of sending remittances would result in an extra US$150 million in the pockets of the emigrants and their families.
In December the most expensive places to send money to were the Dominican Republic and Costa Rica with an average cost of US$14.60 (7.3%) and US$13.60 (6.8%), respectively.
The most expensive to send US$200 from, were Miami and New York to the Dominican Republic, with an average cost of US$15.60 (7.8%).
In 2010 Central America and the Dominican Republic received more than US$14,876 million in remittances.
More... (http://www.dr1.com/index.html#8)
CEMLA remittance specialist Paloma Monroy said that the initiative would help the Hispanic community to understand better the costs and options available before deciding how and with whom to send the money. He felt that it would lead to more transparency in the market and a reduction in costs.
The new website gives details of how much different operators charge in the five main remittance centers in the United States: California, Florida, New York, the District of Columbia and Massachusetts
Massimo Cirasino, who heads of the Financial Infrastructure division at the World Bank, said that remittances represented a vital income for millions of families in Central America and the Dominican Republic. He said that this website would provide useful information which should help those who need it.
It is estimated that only in the last three months of 2011 the emigrants from the six Central American countries and the Dominican Republic spent more than US$200 million on charges, just to cover the costs of sending money home to their families from the USA.
An analysis of the data over this period showed that they paid US$12 on average per US$200 sent to their countries of origin. It showed that only one percentage point decrease in the cost of sending remittances would result in an extra US$150 million in the pockets of the emigrants and their families.
In December the most expensive places to send money to were the Dominican Republic and Costa Rica with an average cost of US$14.60 (7.3%) and US$13.60 (6.8%), respectively.
The most expensive to send US$200 from, were Miami and New York to the Dominican Republic, with an average cost of US$15.60 (7.8%).
In 2010 Central America and the Dominican Republic received more than US$14,876 million in remittances.
More... (http://www.dr1.com/index.html#8)