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Banks seek ways to tap migrant money transfers.
Byline: Katie Warchut
WASHINGTON _ Money sent home to Mexico and other Latin American countries by immigrant workers has grown into a multibillion-dollar industry, catching the eye of U.S. bankers who previously had shunned the market.
Immigrants sent $23 billion home to Latin America and the Caribbean last year, paying $3 billion in one-time fees and exchange rates to wire-transfer companies and financial institutions.
Although banks are working to make it easier to transfer money abroad, the Inter-American Development Bank said in a recent study that immigrants remain plagued by overly high fees.
A survey of 302 Latinos who provide ...
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Source: HighBeam Research, Banks seek ways to tap migrant money transfers.