An Outlook on the Money Transfer Industry in the US to Latin America and Caribbean Corridor

Since 2006, the Inter-American Dialogue has produced a quantitative framework to rate more than 50 Remittance Service Providers (RSPs) covering a wide range of indicators with a special focus on Latin America. The data has helped to measure competition within the money transfer market and assess the performance of specific companies. 

This year, the Scorecard presents results for 30 RSPs working in 11 Latin American and Caribbean countries. It analyzes data collected on 12 indicators including geographical coverage, product offerings, payment networks, and transfer costs. The results provide a snapshot into market presence and competition today, as well as a historical record of how competition has changed over time. 

Among the findings of this year’s report are the emergence of new competitors, the continued decline of transfer costs, and a widespread expansion of over 500,000 banking and non-banking financial institutions paying money transfers in at least ten countries. Read the full report here. 

The following charts illustrate the scorecard trends:

Scorecard Indicators and Criteria

Scorecard Results by Indicator

Scorecard Results by Remittance Service Provider

Scorecard Indicators and Criteria (2016)

Scorecard Indicators and Criteria (2016)

Scorecard Results by Indicator

Scorecard Results by Indicator

Scorecard Results by Remittance Service Provider

Scorecard Results by Remittance Service Provider

Notes:

For 2016, the variable “Number of countries in which it operates” includes all countries worldwide.