Researching Remittance Services

[Community Development Banking List]

Original message from: RKothare@ufcu.org

Hi folks,



My Credit Union is looking to add remittance services to our list of
services and was wondering if anyone had any resources as to which
remittance services are out there and which ones are better than others?



Thanks



Rohan Kothare | Downtown Branch Manager

University Federal Credit Union <http://www.ufcu.org/> ('http://www.ufcu.org/>')

(512) 467-8080 x 21601 | f (512) 977-7966






This e-mail and any attachments are intended for the designated recipient(s) only.
If you have received this e-mail in error, please notify administrator@ufcu.org and
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Furthermore disclosure, copying, distribution, or taking of any action in reliance
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University Federal Credit Union.

[Community Development Banking List]

Original message from: jrwells2@comcast.net

Dear Rohan,

As a credit union, I would suggest you start by contacting the folks at the World Council of Credit Unions (woccu.org) to inquire about their international remittance service.

Then I would suggest contacting the local reps for MoneyGram and Western Union.

Good luck, Jim Wells

President, Wellspring Consulting International
Ft Lauderdale, FL
954-202-2060
jrwells@WellspringConsultingIntl.com

----- Original Message -----
From: "Rohan Kothare" <RKothare@ufcu.org>
To: communitydevelopmentbanking-l@list.cornell.edu
Sent: Tuesday, June 29, 2010 3:56:37 PM
Subject: Researching Remittance Services




Hi folks,



My Credit Union is looking to add remittance services to our list of services and was wondering if anyone had any resources as to which remittance services are out there and which ones are better than others?



Thanks



Rohan Kothare | Downtown Branch Manager

University Federal Credit Union

(512) 467-8080 x 21601 | f (512) 977-7966





CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')




This e-mail and any attachments are intended for the designated recipient(s) only.
If you have received this e-mail in error, please notify administrator@ufcu.org and
disregard this message. However, if you have obtained this e-mail via electronic
eavesdropping, you are in violation of the Electronic Communications Privacy Act.
Furthermore disclosure, copying, distribution, or taking of any action in reliance
on the contents hereof is strictly prohibited without the explicit consent of
University Federal Credit Union.

[Community Development Banking List]

Original message from: Emily.DeMaria@UnitedWayCapitalArea.org

Hi Rohan,

Our partners at Texas Appleseed have a few good resources including a
report from 2008 entitled Banking in a Global Market: A Financial
Institution Guide for offering international remittance services:

http://texasappleseed.net/pdf/Banking%20in%20a%20Global%20Market.pdf ('http://texasappleseed.net/pdf/Banking%20in%20a%20Global%20Market.pdf')



Thanks,

Emily

Emily De Maria
Vice President, Community Development
United Way Capital Area
tel 512.225.0366 cell 512.745.1570

www.liveunitedcentraltexas.org <http://www.liveunitedcentraltexas.org/> ('http://www.liveunitedcentraltexas.org/>')







________________________________

From: bounce-6072780-13358476@list.cornell.edu
[mailto:bounce-6072780-13358476@list.cornell.edu] On Behalf Of Rohan
Kothare
Sent: Tuesday, June 29, 2010 2:57 PM
To: communitydevelopmentbanking-l@list.cornell.edu
Subject: Researching Remittance Services



Hi folks,



My Credit Union is looking to add remittance services to our list of
services and was wondering if anyone had any resources as to which
remittance services are out there and which ones are better than others?



Thanks



Rohan Kothare | Downtown Branch Manager

University Federal Credit Union <http://www.ufcu.org/> ('http://www.ufcu.org/>')

(512) 467-8080 x 21601 | f (512) 977-7966





CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

________________________________

This e-mail and any attachments are intended for the designated
recipient(s) only.
If you have received this e-mail in error, please notify
administrator@ufcu.org <mailto:administrator@ufcu.org> and
disregard this message. However, if you have obtained this e-mail via
electronic
eavesdropping, you are in violation of the Electronic Communications
Privacy Act.
Furthermore disclosure, copying, distribution, or taking of any action
in reliance
on the contents hereof is strictly prohibited without the explicit
consent of
University Federal Credit Union.

[Community Development Banking List]

Original message from: debogoldberg@gmail.com

I highly recommend you contact TIGRA, http://www.transnationalaction.org/. ('http://www.transnationalaction.org/.')
They have analyzed the remittance industry and have researched the key
players. Their mission, as posted on the web site:

Our goal is to institute and disseminate a model set of standards for the
money transfer industry, while redirecting community reinvestment funds to
attack the root causes of emigration. Pulling from the best practices of the
accreditation arena, we hope to drive sea change in the way money is sent
and received, how migrant communities at home and abroad develop, and how
remitters and transfer companies interact. At every step of the way, behind
every decision and action, we seek to empower migrants and their
communities.

Contact info for TIGRA:

TIGRA: Transnational Institute for Grassroots Research & Action
Francis Calpotura, Executive Director
900 Alice Street #320, Oakland, CA 94607
510-653-3415 phone
510-986-1062 fax
tigra@transnationalaction.org


Best wishes,

Deb Goldberg Gray
Cooperative Development Specialist, Oakland






On Tue, Jun 29, 2010 at 12:56 PM, Rohan Kothare <RKothare@ufcu.org> wrote:

Hi folks,



My Credit Union is looking to add remittance services to our list of
services and was wondering if anyone had any resources as to which
remittance services are out there and which ones are better than others?



Thanks



Rohan Kothare |* Downtown Branch Manager*

*University Federal Credit Union <http://www.ufcu.org/>* ('http://www.ufcu.org/>*')

(512) 467-8080 x 21601 | f (512) 977-7966





CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

*
------------------------------
*

*This e-mail and any attachments are intended for the designated
recipient(s) only.
If you have received this e-mail in error, please notify **
administrator@ufcu.org* <administrator@ufcu.org>* and
disregard this message. However, if you have obtained this e-mail via
electronic
eavesdropping, you are in violation of the Electronic Communications
Privacy Act.
Furthermore disclosure, copying, distribution, or taking of any action in
reliance
on the contents hereof is strictly prohibited without the explicit consent
of
University Federal Credit Union.*

[Community Development Banking List]

Original message from: fosek246@yahoo.com

Hi Rohan,
you may also find it useful to check out the World Bank's remittance price comparision site at:

http://remittanceprices.worldbank.org/ ('http://remittanceprices.worldbank.org/')

Depending on your client profile you may wish to investigate specific remittance "corridors", for example, the US-Mexico Corridor, or the UK-Ghana Corridor.*These will have specialist companies such as Unity Link (UK-Ghana) *providing services with a wide reach in receiving countries, often faster and at*more competitive prices than larger corporations.

There are some transnational corporations such as Western Union, Coinstar, Ria and TeleGiros, who have a large market share in this industry through agents in most countries, but a number of banks are also getting into this market through mergers and acquisitions of specialist remittance businesses.
To that end you could look at the website of the International Association of Money Transfer Networks (IAMTN) for some of their members:
http://www.iamtn.org/ ('http://www.iamtn.org/')

If you decide to link up with a bank, it will help to know their full charges and length of time taken to remit, and to compare with specialist remittance companies (where*money is transfered*generally on the same day or within a few hours, depending on location).

Finally, if you are starting out, it may be worth looking at some of the latest trends in remittances. These include "m-remittances" which*are being driven by mobile phone companies developing mobile payment platforms to enter this market. One of the best known is Safaricom's *M-Pesa, which has been trialled in Kenya:*
*http://www.safaricom.co.ke/index.php?id=745 ('http://www.safaricom.co.ke/index.php?id=745')

Hope this helps,
Freda

Freda Owusu
Director
IRL
32 Station Road
Croydon CR0 2RB
London, England
(M) +44(0)7972 862358

*

________________________________
From: "DeMaria, Emily" <Emily.DeMaria@UnitedWayCapitalArea.org>
To: Rohan Kothare <RKothare@ufcu.org>; communitydevelopmentbanking-l@list.cornell.edu
Cc: abaddour@texasappleseed.net
Sent: Tue, 29 June, 2010 23:15:35
Subject: RE: Researching Remittance Services


Hi Rohan,
Our partners at Texas Appleseed have a few good resources including a report from 2008 entitled Banking in a Global Market:* A Financial Institution Guide for offering international remittance services:*
http://texasappleseed.net/pdf/Banking%20in%20a%20Global%20Market.pdf ('http://texasappleseed.net/pdf/Banking%20in%20a%20Global%20Market.pdf')
*
Thanks,
Emily
Emily De Maria
Vice President, Community Development
United Way Capital Area
tel 512.225.0366 cell*512.745.1570
www.liveunitedcentraltexas.org
*
*
*

________________________________

From:bounce-6072780-13358476@list.cornell.edu [mailto:bounce-6072780-13358476@list.cornell.edu] On Behalf Of Rohan Kothare
Sent: Tuesday, June 29, 2010 2:57 PM
To: communitydevelopmentbanking-l@list.cornell.edu
Subject: Researching Remittance Services
*
Hi folks,
*
My Credit Union is looking to add remittance services to our list of services and was wondering if anyone had any resources as to which remittance services are out there and which ones are better than others?
*
Thanks
*
Rohan Kothare* |Downtown Branch Manager
University Federal Credit Union
(512) 467-8080*x 21601 |*f (512) 977-7966
*
*
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')
CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm') This e-mail and any attachments are intended for the designated recipient(s) only.
*If you have received this e-mail in error, please notify administrator@ufcu.organd
disregard this message. However, if you have obtained this e-mail via electronic
eavesdropping, you are in violation of the Electronic Communications Privacy Act.
Furthermore disclosure, copying, distribution, or taking of any action in reliance
on the contents hereof is strictly prohibited without the explicit consent of
University Federal Credit Union.
________________________________

[Community Development Banking List]

Original message from: klytle@wescorp.org

Hi all,

The Corporate CU Network in the United States supports natural person
credit unions with International wires, International ACH, and the World
Council of Credit Unions offers an international money transfer service
called IRNet. These services are typically provided to credit union
members at lower cost when compared to non-cooperative providers.



There is no need to look outside the credit union movement for financial
services.



Kevin



-----Original Message-----
From: bounce-6077867-10128931@list.cornell.edu
[mailto:bounce-6077867-10128931@list.cornell.edu] On Behalf Of Freda
Owusu
Sent: Thursday, July 01, 2010 12:00 PM
To: DeMaria, Emily; Rohan Kothare;
communitydevelopmentbanking-l@list.cornell.edu
Subject: Re: Researching Remittance Services



Hi Rohan,

you may also find it useful to check out the World Bank's remittance
price comparision site at:


http://remittanceprices.worldbank.org/ ('http://remittanceprices.worldbank.org/')



Depending on your client profile you may wish to investigate specific
remittance "corridors", for example, the US-Mexico Corridor, or the
UK-Ghana Corridor. These will have specialist companies such as Unity
Link (UK-Ghana) providing services with a wide reach in receiving
countries, often faster and at more competitive prices than larger
corporations.



There are some transnational corporations such as Western Union,
Coinstar, Ria and TeleGiros, who have a large market share in this
industry through agents in most countries, but a number of banks are
also getting into this market through mergers and acquisitions of
specialist remittance businesses.

To that end you could look at the website of the International
Association of Money Transfer Networks (IAMTN) for some of their
members:

http://www.iamtn.org/ ('http://www.iamtn.org/')



If you decide to link up with a bank, it will help to know their full
charges and length of time taken to remit, and to compare with
specialist remittance companies (where money is transfered generally on
the same day or within a few hours, depending on location).



Finally, if you are starting out, it may be worth looking at some of the
latest trends in remittances. These include "m-remittances" which are
being driven by mobile phone companies developing mobile payment
platforms to enter this market. One of the best known is Safaricom's
M-Pesa, which has been trialled in Kenya:

http://www.safaricom.co.ke/index.php?id=745 ('http://www.safaricom.co.ke/index.php?id=745')



Hope this helps,

Freda



Freda Owusu

Director

IRL

32 Station Road

Croydon CR0 2RB

London, England

(M) +44(0)7972 862358




________________________________

From: "DeMaria, Emily" <Emily.DeMaria@UnitedWayCapitalArea.org>
To: Rohan Kothare <RKothare@ufcu.org>;
communitydevelopmentbanking-l@list.cornell.edu
Cc: abaddour@texasappleseed.net
Sent: Tue, 29 June, 2010 23:15:35
Subject: RE: Researching Remittance Services

Hi Rohan,

Our partners at Texas Appleseed have a few good resources including a
report from 2008 entitled Banking in a Global Market: A Financial
Institution Guide for offering international remittance services:

http://texasappleseed.net/pdf/Banking%20in%20a%20Global%20Market.pdf ('http://texasappleseed.net/pdf/Banking%20in%20a%20Global%20Market.pdf')



Thanks,

Emily

Emily De Maria
Vice President, Community Development
United Way Capital Area
tel 512.225.0366 cell 512.745.1570

www.liveunitedcentraltexas.org <http://www.liveunitedcentraltexas.org/> ('http://www.liveunitedcentraltexas.org/>')







________________________________

From: bounce-6072780-13358476@list.cornell.edu
[mailto:bounce-6072780-13358476@list.cornell.edu] On Behalf Of Rohan
Kothare
Sent: Tuesday, June 29, 2010 2:57 PM
To: communitydevelopmentbanking-l@list.cornell.edu
Subject: Researching Remittance Services



Hi folks,



My Credit Union is looking to add remittance services to our list of
services and was wondering if anyone had any resources as to which
remittance services are out there and which ones are better than others?



Thanks



Rohan Kothare | Downtown Branch Manager

University Federal Credit Union <http://www.ufcu.org/> ('http://www.ufcu.org/>')

(512) 467-8080 x 21601 | f (512) 977-7966





CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

CDB list instructions http://www.runonthebank.net/cdblist.htm ('http://www.runonthebank.net/cdblist.htm')

________________________________

This e-mail and any attachments are intended for the designated
recipient(s) only.
If you have received this e-mail in error, please notify
administrator@ufcu.org <mailto:administrator@ufcu.org> and
disregard this message. However, if you have obtained this e-mail via
electronic
eavesdropping, you are in violation of the Electronic Communications
Privacy Act.
Furthermore disclosure, copying, distribution, or taking of any action
in reliance
on the contents hereof is strictly prohibited without the explicit
consent of
University Federal Credit Union.



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