Financial Services Advisor

Chad Harper, global payments fellow at the Visa Economic Empowerment Institute: “Remittances are monetary lifelines, crucial for hundreds of millions of families. World Bank data shows that remittance flows account for 10 percent or more of GDP in several countries of Latin America and the Caribbean: Haiti, El Salvador, Honduras, Jamaica, Guatemala and Nicaragua. It also indicates that Mexico is one of the biggest global receivers, recently averaging more than $35 billion a year. These flows go to families who support their communities and who often use these funds to start and maintain small businesses. So making them efficient will help the recovery. A recent Visa Economic Empowerment Institute study found that digital remittances (those that are initiated and paid for digitally) are increasing in prevalence and are significantly lowering the cost of sending money. Looking at 28 corridors across the globe, we found that digital remittances cost about 4…”