The U.S.-Guatemala Remittance Corridor : Understanding Better the Drivers of Remittances Intermediation
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Washington, DC: World Bank
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This study reports on recent development
and future potential for U.S.-based Guatemalan workers
cross-border retail transfers to be more formal, cheaper,
and disposed to the cross-sale of financial products and
services. It also presents the key features of remittances
senders, recipients, instruments, and intermediaries
involved. The paper focuses on three areas: (a) the main
characteristics of the Guatemalan migrants in the United
States and the key drivers behind their decision to remit
money and to choose an intermediary; (b) financial
infrastructure supporting U.S.-Guatemala remittances
processing, especially the role of technology, payment
systems and innovations going forward, as avenues to help
lower transaction costs, among others; and (c) the landscape
of workers remittances distribution in Guatemala, examines
the characteristics of recipients and the evidence of
remittances impact, and analyzes the indications of
potential for cross-sale of financial services to recipients.
Palabras clave
ACCOUNTING, AFFILIATE, AGRICULTURAL ACTIVITIES, AGRICULTURE, ANTI-MONEY LAUNDERING, ANTI-MONEY LAUNDERING REGULATIONS, BALANCE OF PAYMENTS, BANK, BANK ACCOUNT, BANK ACCOUNTS, BANK SECRECY ACT, BANKING SECTOR, BANKING SYSTEM, BANKS, BORDER TRANSACTIONS, BORDER TRANSFERS, CAPITA REMITTANCES, CASH REMITTANCES, CHECK CASHING, CITIZENS, CIVIL CONFLICT, CLEARING HOUSE, CLEARING HOUSES, COMMERCIAL CODE, COMPENSATION OF EMPLOYEES, CONSUMER PROTECTION, COOPERATIVES, CORP., COURIER SERVICES, CREDIT INSTITUTIONS, CREDIT UNIONS, DATA ON REMITTANCES, DEPOSIT INSURANCE, DEPOSITORS, DEVELOPING COUNTRIES, DISSEMINATION, DRUG ABUSE, DUE DILIGENCE, EFFECT OF REMITTANCES, ELECTRONIC FUNDS, ELECTRONIC FUNDS TRANSFERS, ELECTRONIC TRANSFER, ELECTRONIC TRANSFERS, EMIGRANT REMITTANCES, EMPLOYMENT, EMPLOYMENT OPPORTUNITIES, EXCHANGE RATES, FAMILY MEMBERS, FARMERS, FEDERAL DEPOSIT INSURANCE, FEDERAL DEPOSIT INSURANCE CORPORATION, FEDERAL RESERVE SYSTEM, FINANCIAL FLOWS, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL INTERMEDIATION, FINANCIAL LITERACY, FINANCIAL MARKETS, FINANCIAL PRODUCTS, FINANCIAL SERVICES, FINANCIAL SYSTEMS, FINANCIAL TRANSACTIONS, FOREIGN ASSETS, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN WORKERS, GROSS DOMESTIC PRODUCT, HOME COUNTRY, HOST COUNTRIES, HOST COUNTRY, HOUSEHOLD INCOME, HOUSING, ID REQUIREMENTS, IMMIGRANTS, IMMIGRATION, IMPACT OF REMITTANCES, IMPORTANCE OF REMITTANCES, INCOME, INCOME DISTRIBUTION, INCOME INEQUALITY, INCOMES, INDIVIDUALS, INFORMAL CHANNELS, INTERNATIONAL BORDERS, INTERNATIONAL ORGANIZATION FOR MIGRATION, INTERNATIONAL REMITTANCE, INTERNATIONAL REMITTANCE SYSTEMS, LATIN AMERICAN, LAWS, LEGAL FRAMEWORK, LEGAL STATUS, LIMITED, MACROECONOMIC LEVEL, MERGER, MERGER AGREEMENT, MICROFINANCE, MIGRANTS, MIGRATION, MIGRATION FLOWS, MIGRATORY STATUS, MONETARY REMITTANCES, MONEY GRAM, MONEY LAUNDERING, MONEY ORDER, MONEY ORDERS, MONEY TRANSFER, MONEY TRANSFER COMPANIES, MONEY TRANSFER OPERATOR, MONEY TRANSFER OPERATORS, MONEY TRANSFERS, MONEY TRANSMITTERS, MOTHER, NATIONAL SECURITY, OPERATING COSTS, PARTNERSHIP, PAYMENT SYSTEMS, PENSIONS, POSTAL SERVICE, POSTAL SERVICES, POVERTY ALLEVIATION, PRIMARY EDUCATION, PRIVATE ENTITIES, PROFITABILITY, PROPRIETARY, PUBLIC FINANCE, RECIPIENT COUNTRIES, RECIPIENT COUNTRY, REGULATORY COMPLIANCE, REGULATORY FRAMEWORK, REMITTANCE, REMITTANCE BUSINESS, REMITTANCE CORRIDORS, REMITTANCE DISTRIBUTION, REMITTANCE FLOW, REMITTANCE FLOWS, REMITTANCE INDUSTRY, REMITTANCE MARKET, REMITTANCE PAYMENTS, REMITTANCE PRODUCTS, REMITTANCE RECEIVER, REMITTANCE RECIPIENTS, REMITTANCE SENDERS, REMITTANCE SERVICE, REMITTANCE SERVICE PROVIDERS, REMITTANCE SERVICES, REMITTANCE TRANSACTION, REMITTANCE TRANSACTIONS, REMITTANCE TRANSFER, REMITTANCE-RECEIVING HOUSEHOLDS, REMITTANCES, REMITTANCES FLOWS, REMITTERS, RURAL AREAS, SAVINGS, SEND REMITTANCES, SERVICE PROVIDER, SOCIAL SERVICES, SOCIETY, SPONSOR, SPOUSES, SUBSIDIARY, TAKEOVER, TERRORIST, TRANSACTION COSTS, TRANSFER CHANNELS, TRANSFER FEE, TRANSFER OF REMITTANCES, TRANSFER SERVICES, TRANSPORTATION, UNDOCUMENTED MIGRANT, UNDOCUMENTED MIGRANTS, UNDOCUMENTED WORKERS, UNION, UNSKILLED LABOR, UNSKILLED WORKERS, USING MONEY ORDERS, WORK FORCE, WORKER REMITTANCES, WORKERS REMITTANCES