Frequently Asked Questions
Where
can money be sent?
In which countries are credit unions distributing remittances?
Why
is IRnet better than a normal wire or the competition?
What
marketing materials are available?
What
is the market potential?
Who
is the target market?
How
do we sign up?
Where
can money be sent?
Credit unions in the United States can send money anywhere MoneyGram and Vigo have agent locations. Please visit their websites for the most current listing.
In which countries are credit unions distributing remittances?
See the list of IRnet® agent/payer credit unions on our website.
How do the money transfer products available through WOCCU’s program
differ from a normal wire or the competition?
- Existing wire systems in the United States were created for
large-dollar domestic payments rather than the small international
transfers made by most immigrants.
- Fees and the guaranteed rate of exchange are disclosed at the time the transfer is sent.
- Recipients are not required to have a credit union account to pick-up their transfer.
- There is no fee to the beneficiary for picking up funds.
What
marketing materials are available?
Brochures, posters, flyers, sample newsletters, articles and example
radio/TV spots are available. For further information, please contact us.
What
is the market potential?
- US$397 billion was sent
worldwide in 2008
- Nearly 46 million Latinos in the United States (2007), 15% of the U.S. population
- About 18 million of the Latinos are foreign-born, 6.2% of U.S. population
- About 10 million Latinos are undocumented
- Latinos make up about 15% of the U.S. labor force
- An estimated $67.5
billion in remittances was sent to Latin American and the Caribbean in 2008
- Nearly 50% of Latinos are unbanked
- FDIC projects that Latinos will account for more than half of
U.S. retail banking growth in the coming decade and that Latino
households with checking accounts will increase by 57% and those with
savings accounts by 76% in the next two years
Who
is the target market?
Recent immigrants, especially Latinos, and expatriates frequently use
transfer services to send money to friends and relatives back home.
Many of these individuals are unbanked and therefore
carry large amounts of cash in hand. Nearly 70% of these individuals
send money back home.
Providing remittance services is a way
for credit unions to attract new members and serve people who would
otherwise not have access to traditional financial services.
How
do we sign up?To get started offering remittance services through IRnet® follow these steps.
| 
E-mail
Print