By Raul Hernandez-Coss
"Examining the event of the U.S.-Mexico remittances hall over the past 8 years, this identify derives particular classes which may be appropriate to different remittance corridors while transferring from casual to formal structures. classes makes a speciality of a number of chosen facets of the remittance event and breaks down the remittance approach into 3 phases: the 1st Mile, while judgements are within the palms of the remittance sender;the middleman level, comprising the platforms that facilitate the cross-border move of cash, and;the final Mile, the place the money achieve the fingers of the remittance recipient. through reading the targets, hindrances, incentives, and adjustments happening 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."
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Extra info for Lessons from the U.S.-Mexico Remittances Corridor on Shifting from Informal to Formal Transfer Systems (World Bank Working Papers)
Its objective is to promote the development of SCIs in order to extend financial services, such as savings products, insurance, and mortgage loans, to even the lowest-income segments of the population. BANSEFI, which will act as a bank for banks in the Mexican SCI sector under the Ley de Ahorro y Credito Popular (Savings and Credit Institutions Law), is already engaged in remittances transfer through its 549 branches, half of which are located in areas where there is no bank within a 20 km periphery.
26 World Bank Working Paper like accessibility, also made MTOs more attractive and easier to use to remit funds. One traditional advantage of an MTO is that there is no “account-holder” requirement. Customers can come in off of the street and pay a flat fee for a transaction without having to open or maintain an account. 31 Banks, for example, now offer fee-only services. Some banks have developed a specialized remittance account, with no monthly fees and no minimum balance required. Other adaptations have included the introduction of more convenient locations and hours, cash-to-cash service, bilingual staff, and simple, transparent pricing structures.
Regulations differ from state to state, and often states do not offer reciprocity. Non-bank remittance companies, such as MTOs and their agents, are licensed and regulated by states. Consequently, a wire transfer service conducting business in several states must ensure that it stays compliant in each individual state. Competition is impeded to the extent that small service providers trying to enter the market are overwhelmed by the different sets of compliance standards and are unable to cope with associated costs and procedures (Box 6).