More Banks Dropping International Money Transfers in Wake of Big Fines PYMNTS
go to original July 7, 2014

It’s getting harder for immigrants to the U.S. to send money back to their countries of origin as U.S. government regulators are cracking down on terrorists and drug traffickers by pursuing their money sources.  In response to the increased regulatory scrutiny, big banks stateside are simply abandoning the international money transfer arm of their businesses.

Though Mexico will be the most affected - nearly half of the $51.1 billion in remittances sent from the United States in 2012 were ultimately Mexico bound - other countries in Latin America and parts of Africa will also be sharply affected.

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

Read the rest at PYMNTS

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