Guatemala: Every Payment Expands Services

Company forms an alliance with two remittance operators in the United States, through which residents will be able to send their money.

Tuesday, February 10, 2009

Sigloxxi.com publishes in its website: "But that is not all, every payment process will manage the expectations that the sender entrusts is part of the remittance sent to the recipient. For example, a client in the United States might send $1,000 to his family, but ask that the payment is used for the electricity, water, and telephone services among others. Each transaction would have a cost from among $2 to $4 depending on the amount, conditions, and type of bill-something that is not alien to migrants, who themselves are used to these type of surcharges at non-banking agencies," adds Cheves.

More on this topic

More Remittances in Kind and Less in Cash

June 2014

On average, Salvadorans living abroad send $819 a year in goods and $288 a month in cash.

From the executive summary of the document "Family Remittances from the United States: An Approach to Remittances in Kind" by the Central Reserve Bank of El Salvador:

The Central Bank has an interest in maintaining a reliable measurement of remittances through monitoring market payers and regular research on the structure of mechanisms for sending remittances, including using a system of periodic surveys in order to quantify monetary remittances coming into the country in cash (notes and coins taken by people) to incorporate it as part of total remittances received in the country.

Remittances for $13.06 billion to Central America in 2011

March 2012

By country: Guatemala $4.37 billion; El Salvador $3.65 billion; Honduras $2.86 billion; Nicaragua $1.05 billion; Panama $592 millions; Costa Rica $530 millions.

Inter-American Development Bank Report:

Remittances to Latin America and the Caribbean rose to $61 billion in 2011

Honduras: New BAC/BAMER service

August 2008

BAC/BAMER Bank will launch a new service today that will allow Hondurans working abroad, especially those in the United States, to send remittances to family members at home.

Some of the main benefits of this service are that remittances send via BAC/BAMER will be received the same day they are sent, there is no fee to receive the money, they are paid in cash, the bank can pay the receiver's credit card or loan, or they can be deposited in a bank account (no matter at which it is located).

Migrants' remittances to Guatemala surge by 11.33 percent

May 2008

Remittances by emigrants to their families in Guatemala rose by 11.33 percent year-on-year to US$1.36 billion in the first four months of the year, according to the nation's central bank, Banguat.

In April alone, remittances totaled US$385 million, Banguat said.
According to official estimates, 1.6 million Guatemalans live in the United States, some 60 percent of them without immigration documents.

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