As Latin American economies look forward to another year of robust growth, remittance flows continue to outpace expectations. With payments by expatriates worth a record $45 billion last year and increasing at more than 10% a year, it is little surprise that banks now want a piece of the action. Latin American and US banks are not only eyeing services to rival traditional wire services to bring in extra revenues, but also see money flows as a way to develop portfolios aimed at the small-scale Latin American customer, offering loans and mortgages.
According to the IMF, Mexico is only behind China and India in terms of the size of remittances received, valued at $20 billion last year and far bigger than those sent to any other Latin American or Caribbean nation.
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