Transparency in Price of Remittances

A website will allow senders to compare the costs of their remittances from the U.S. to Central America, encouraging competition between providers of such services.

Thursday, February 2, 2012

The Center for Latin American Monetary Studies (CEMLA), the Multilateral Investment Fund (MIF), a member of the Interamerican Development Bank (IDB) and World Bank today (Thursday 2 February) launched, a free online tool that can be used to compare and make transparent the costs of remittances from the United States to six Central American countries and the Dominican Republic.

A press release from the IDB states that:
"The website provides detailed information, which is and updated monthly, on how much it cost to send money from the U.S. to Costa Rica, El Salvador, Honduras, Guatemala, Nicaragua, Panama and the Dominican Republic. Costs are calculated based on amounts of $200 and $500.

More on this topic

Remittances in Nicaragua's Economy

April 2012

In 2011, remittances reached $1.053 billion according to the IDB, accounting for 18% of GDP, 20% coming from Costa Rica, and the rest mainly from the U.S.

The figure comes from a study entitled ‘Remittances South-South - The Importance of the Costa Rica-Nicaragua Corridor’, by the Multilateral Investment Fund of the Inter-American Development Bank (MIF-IDB).

Family Remittances Help Economic Recovery

April 2011

In the first two months of 2011, Nicaragua received $137 million in remittances from abroad, 10% more than in the same months of 2010.

All of Central America and Mexico has seen a recovery in remittances according to a report from the Inter-American Development Bank (IDB), which states that money flows increased by between 6 and 16% in the first two months of this year.

$ 10 Million for Financial Management in Nicaragua

October 2010

The loan from the Inter-American Development Bank (IDB) will provide more efficiency and transparency in public expenditure.

Nicaragua will improve the efficiency and transparency of public expenditure and modernize the process and management systems of state finances with the help of a loan of U.S. $ 10 million from the Inter-American Development Bank (IDB).

Nicaraguan Remittances Increase Slightly

June 2010

In the first four months of the year, remittances to Nicaragua increased 2.7% when compared to the same period of 2010.

The figure has been growing since February, ending 12 months of continued decreases.

“This increase is attributed to a mild recovery of the U.S. economy.

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