Remittances

NEWS

Remittances scorecard report: money transfer costs drop but migrants and their families remain unbanked.  New research on remittances to Latin America and the Caribbean released by IDB’s Multilateral Investment Fund. Inter-American Development Bank, May 10, 2006. The Wall Street Journal Online, May 15, 2006.

Competition Cuts Cost of Wiring Money. The cost of sending money around the world has dropped significantly in the past five years, saving immigrants nearly $5 billion in fees. Inter-American Development Bank and the Annie E. Casey Foundation. The Washington Post.  By Krissah Williams.  May 12, 2006.

PUBLICATIONS

Does Migration Reshape Expenditures in Rural Households? Evidence from Mexico.  The data to estimate the model are from the Mexico National Rural Household Survey of 2003. This survey gathered detailed information on incomes, migration, and expenditures from a nationally representative sample of 1,782 households in rural Mexico. The World Bank. By J. Edward Taylor and Jorge Mora. February 2006.

Remittance Service Providers in the United States: How remittance firms operate and how they perceive their business environment. This paper presents the findings of a survey of 73 remittance firms in 6 U.S. states. The paper describes in detail how remittance firms conduct their business and operations, and it looks at functions such as funds capture and disbursement. The World Bank.  By Ole E. Andreassen.  May 2006.

The Macroeconomics of Remittances: The Case of Tajikistan. This paper seeks to assess the macroeconomic implications of large-scale inward remittances for a small open economy. By including remittances in several standard models, the paper concludes that the overall macroeconomic impact of remittances is likely to be ambiguous. International Monetary Fund. By Alexei Kireyev. January 2006.

Workers' Remittance Flows in Southeast Asia.  This report examines remittance fund flow from a regional perspective to understand its trends, as well as to identify policies that can leverage remittances. The study covers Indonesia, Malaysia, and Philippines as the remittance recipient countries; and Hong Kong, China; Japan; Malaysia; and Singapore as the source jurisdictions of remittance outflows. Asian Development Bank.   April 2006.

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UPCOMING EVENTS

Best Practices in the Remittance Market. This workshop will outline how to best choose a remittance transfer provider when sending money to family and friends abroad. Panelists will include experts that can share information on the diversity of options in the market and describe the characteristics behind the remittance process. Organized by the National Council of La Raza.  July 8, 2006.

Improving Central Bank Reporting and Procedures on Remittances. With the participation of the Remittances International Steering Committee (RISC) and the Remittances Working Group (RWG), the objective of this conference is to follow up on the progress of activities and goals related to the “Improving Central Bank Reporting and Procedures on Remittances” project. Sponsored by CEMLA and MIF/IDB. Mexico City.  July 11 - 14, 2006.

Engaging the African Diaspora and Financing African Development. The proposed symposium will recognize the growing and significant role that the Diaspora plays in the development of their countries of origin and or ancestral homes. In recognition of the important contribution that the Diaspora could make to Africa’s development, including support for the implementation of the New Partnership for Africa’s Development (NEPAD), the African Union (AU) has designated the Diaspora as a “sixth sub-region” of Africa. Cornell University.  November 3 - 4, 2006.

PAST EVENTS

The Role of Diasporas in Developing the Homeland. This conference brought together an interdisciplinary group of contributors who explored the full range of potential diaspora contributions to economic, social, and political development in their homelands. Organized by the George Washington University.  Washington, D.C.  June 16, 2006.

Leveraging Remittances for International Capital Market Access in Poor Countries.  Many SAR countries are contemplating accessing (or improving access to) international capital markets to meet infrastructure and other development financing needs.  Can the substantial remittance inflows into the region help the countries' efforts?  Drawing on recent analytical work (see attached) and global experience, the presentation focused on two important ways in which remittances can facilitate international capital market access of poor countries.  World Bank. By Dilip Ratha.  Washington, D.C.  June 7, 2006.

Sending Money Home: Remittances and Transnational Families. This conference covered two themes: The state of the remittance market, including price, market share, and customer satisfaction; and transnational Families. This event was jointly sponsored by Inter-American Development Bank and the Annie E. Casey Foundation. Washington, D.C.  May 12, 2006.

Conference on the CPSS-WB General Principles for International Remittance Services. This conference was organized as part of the consultation process following the publication of the Principles, in March 2006, with the hopes of engaging several stakeholders in a discussion about the report which will be taken into account during the formulation of the final version. Organized by the World Bank and the Bank for International Settlement, in cooperation with DFID, Washington Marriott Hotel.  Washington, D.C.   May 10 - 11, 2006.

Global Payments Forum meeting. The conference explored the latest developments in payment systems and remittances. Montreal, Canada. April 26 - 27, 2006.

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NEWSLETTERS

The National Money Transmitters Association, Inc (NMTA). The NMTA was born out of the need of money transmitters to have a voice in shaping and developing this industry. The NMTA channels the concerns of licensed money transmitters and other constituent sectors and provides a mechanism to address issues that impact our business with the strength and support of a national organization.

Migrant Remittances. Migrant Remittances is jointly supported by USAID’s Microenterprise Development office and DFID.

LINKS

World Bank - Remittances.  Latest reports, publications, events, analysis, policy notes and more related to this topic.

A Technical Guide to Remittances. The Credit Union Experience. Discusses the current operating environment for remittances, provides an overview of WOCCU's IRnet service and details how WOCCU has facilitated mass remittance distributions by partnering with money transfer operators.

ePayCom. Interchange Network which looks at the added benefits, opportunities and requirements for introducing cards into the remittance product. The introduction of cards, in particular the prepaid card, into the remittance process is enabling banks to offer a better value proposition to their existing customer base and the ability to bring the un-banked migrant worker into the banked sector.

Institute for the Study of International Migration. Research Consortium on Remittances in Conflict and Crises.

Livelihoods Connect – Hot Topics: Remittances. This webpage maintained by DFID includes conferences, papers, newsletters and links.

MicroLINKS. Remittances & Transfers.  This site maintained by USAID includes documents related to remittances.

Sending Money Home.  If you want to send money home, there is a range of money transfer products and services to choose from. The UK Government has financed a survey to help you compare these services and choose the deal that is right for you.