Immigrants From Latin America and Africa Squeezed as Banks Curtail International Money Transfers

New York Times ^ | July 6, 2014 | By MICHAEL CORKERY

[Oldeconomybuyer]

As government regulators crack down on the financing of terrorists and drug traffickers, many big banks are abandoning the business of transferring money from the United States to other countries, moves that are expected to reverse years of declines in the cost of immigrants sending money home to their families.

While Mexico may be most affected — nearly half of the $51.1 billion in remittances sent from the United States in 2012 ended up in that country — the banks’ broad retreat over the last year is affecting other countries in Latin America and parts of Africa as well. The banks are being held accountable not only for the customers who directly use their money transfer services but also for their role in collecting remittances from money transmitting companies and wiring them abroad.

“This is transforming the business and may increase the costs of international money transfers,” said Manuel Orozco, a senior fellow at the Inter-American Dialogue, a research group in Washington.

[GeronL]

funny
Western Union will charge you $12 to send $200 across the state but $0 to send it to Mexico.

[DisorderOnBorder]

Banks will be called racist...

Banks will ask govt for billions to subsidize illegal alien remittances...

Banks start wiring money again

[Mastador1]

While Mexico may be most affected — nearly half of the $51.1 billion in remittances sent from the United States in 2012 ended up in that country

Und der mein freund is exactly why the Messican grovellment demands open borders with America.