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Contents Acknowledgments Abbreviations and Acronyms Executive Summary IX Introduction 1 Context 1 Organization of the Study 3 1. At the First Mile 5 Snapshot 5 Profile of Remittance Senders 6 Features of the Remittance Industry 8 Impact of the Regulatory Framework at the First Mile 12 Key Findings and Avenues for Further Action 17 2. At the Intermediary Stage 19 Generic Remittance Intermediation Model 19 Current Status of Remittance Intermediation Infrastructure in the U.S.-Guatemala Corridor 22 Key Findings and Avenues for Further Action 31 3. At the Last Mile 34 Characteristics of Recipients and the Impact of Remittances 35 Remittance Distribution Industry and Potential for Increased Access to Financial Services 40 Last Mile Regulatory and Institutional Framework 48 Key Findings and Avenues for Further Action 51 Appendixes A. Relative Importance of Remittances at Macroeconomic Level in Guatemala vs. Selected Latin American Countries ERROR! BOOKMARK NOT DEFINED. B. Addenda on Relevant Legal and Regulatory Framework 57 Bibliography ERROR! BOOKMARK NOT DEFINED. Map of Remittance Flows in the U.S.-Guatemala Corridor endpiece List of Tables 1: Largest Intermediaries Partnerships in the U.S.-Guatemala Remittance Corridor (2005) 11 2: Data Issues¿Electronic Transfer Major Intermediaries and Their Estimated Market Shares in 2004 12 3: Comparing Money Orders to Electronic Fund Transfers 21 4: Main Differences between Swift Batch Processing and MTO Proprietary Systems 25 5: Destination of U.S. Remittances by Department, 2005 33 6: Marginal Budget Shares on Expenditure for Non-Remittance and Remittance- Receiving Households 36 7: Remittance Distribution Market Players in Guatemala: Strengths, Weaknesses, Opportunities, and Threats 39 8: Top 5 Banks Physical Coverage and Remittances FX Market Shares, 2004 40 9: Cooperativas from FENACOAC Service Points and Migration Levels in Guatemala by Region 44 10: Relative Importance of Workers Remittances to the Guatemalan Economy, 2000¿ 2003 51 11: Per capita GDP, Income Distribution, and Per capita Remittances, 2003 51 12: Money Service Businesses (MSBs) in the United State: Any Business that Falls under One of These Activities is Considered an MSB and Must be Registered. 57 List of Figures 1: Remittance Volume and Percent of GDP, 2000¿2005 3 2: Means of Remittance Transfer for the Corridor 10 3: Costs of Sending to Selected Latin American Countries, 2001¿2004 22 4: Remittances Transfer Fee by Intermediary (May 2005) 23 5: Estimated foreign Exchange Cost for Selected Latin American Countries (June 2004) 24 6: Wells Fargo Remittance Products 27 7: Guatemala Estimated Remittances Received Per Household Income Decile 34 8: Remittance Uses in Guatemala 36 9: Financial Intermediation in Guatemala vs. Other Central American Countries 37 10: Remittance Recipients Head of Household with Bank Accounts 38 11: Worker Remittances to Guatemala and Latin American Countries, 1990¿2003 53 12: Worker Remittances (Receipts) to Guatemala and Selected Latin American Countries (excluding Mexico), 1990¿2003 53 13: Worker Remittances (Receipts) as a Share of Exports of Goods and Services, Guatemala and Selected Latin American Countries, 1990¿2003 54 List of Boxes 1: Money Service Businesses 9 2: Compliance Costs for California Banks 14 3: ID Requirements under the Patriot Act 16 4: The Structure of a Remittance Operation 20 5: Remittance Payments Processing through the U.S. Federal Reserve Automated Clearing House: The Example of Mexico 26 6: The CPSS/World Bank Task Force for General Principles on International Remittance Systems 29 7: International Examples of Cross-Selling Financial Products to Recipients 42 8: FENACOAC 43 9: Genesis Empresarial 45 10: Alternative Remittance Systems Typologies 48
Library of Congress Subject Headings for this publication:
Emigrant remittances -- Guatemala.
Emigrant remittances -- United States.