Hispanics in U.S. send $30
billion to home countries
September 2005 (Newstream) -- According to a recent survey,
Hispanics living in the United States send an average of $30 billion
a year to their home countries. Almost half of that goes to Mexico
alone. This large amount of money represents the second source of
income for Mexico, second to oil.
As reported by the Mexican Central Bank,
money sent to Mexico during the first five months of 2005 indicated
an 18 percent increase over the same period in 2004. It is estimated
that by the end of the year, close to $20 billion will make its way
to this country.
But the most frequent problem Hispanics
face when wiring money to their home countries is the high prices
that the majority of the transfer companies usually charge to send,
while also adding the fees family members pay when they pick up the
money in Mexico.
For this reason and continuing its support
to the Hispanic community, Bank of America – Member FDIC – launched
a free nationwide remittance service to Mexico that will make it
easier for millions of Hispanics to send money to Mexico by
eliminating transfer fees. Called SafeSend®, the new feature is
available to anyone who opens a Bank of America personal checking
account. The service gives recipients the option to pick up cash at
more than 4,500 locations in Mexico.
This service provided by Bank of America
addresses the growing needs and importance of the Hispanic
population in the U.S., especially in providing more competitive
options for them to send money to Mexico.