Friday, February 03, 2012
[IWS] World Bank: FREE REMITTANCE TOOL for SENDERS--ENVIA CENTRO AMERICA [2 February 2012]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
World Bank +
ENVIA CENTRO AMERICA [Remittance Tool]
for English, see -- http://22.214.171.124/enviacentroamerica/index.php?i=1
Envía Centro America" allows migrants from Central américa to compare the many choices that the market offers them to send money to their families in the home countries. This website gives users the possibility to compare the cost and the speed of the transfer offer by most of the service providers active in the market. Information on where in the receiving country money can be picked up is also displayed. "Envía Centro America" covers flows from five main sending areas in the United States of America to Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. Data are also collected for two of the most relevant intra-regional corridor, and from Costa Rica to Nicaragua.
Press Release 2 February 2012
Free Online Tool Empowers Senders of Remittances
CEMLA, MIF/IDB and World Bank Launch enviacentroamerica.org To Make Costs and Conditions of Remittances More Transparent [2 February 2012]
Washington, February 2, 2012 - The Center for Latin American Monetary Studies (CEMLA), the Multilateral Investment Fund (MIF), a member of Inter-American Development Bank (IDB), and the World Bank today launched enviacentroamerica.org, a free online tool to compare and make transparent the costs of remittances from the United States to six Central American countries and the Dominican Republic.
The website provides detailed and updated monthly information on how much it costs to send money from the U.S. to Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. Costs are calculated based on amounts of US$200 and US$500.
"This initiative will help the Hispanic community to better understand the costs and options available before deciding how and with whom to send their money," said Paloma Monroy, remittance specialist with CEMLA, the agency implementing this initiative with joint support from MIF and the World Bank. "This tool will create more transparency in this market, contributing to reduced costs."
Enviacentroamerica.org provides information on the costs that different operators charge in five major remittance-sending hubs in the United States (California, Florida, New York, the District of Columbia and Massachusetts) to Central America and the Dominican Republic as well as on the costs to wire money from Costa Rica to Nicaragua.
"Remittances are a vital source of income for millions of working families in Central America and the Dominican Republic," said Massimo Cirasino, who heads the Financial Infrastructure Division of the World Bank. "In that sense, the sponsors of this site seek to provide useful information that will benefit those most in need."
Only in the last quarter of 2011, an estimated US$200 million or more were spent by immigrants from six Central American countries and the Dominican Republic to cover the costs of remittances to their families from the United States.
"By increasing market transparency, providing more information on remittance prices, migrants can have a better sense of the options within their reach, and they can choose the service that best fits their needs," said Natasha Bajuk, MIF’s remittances specialist.
An analysis of data from the last quarter of 2011 shows that:
Inter-American Development Bank: Romina Nicaretta, +1 202 623 1555, email@example.com
World Bank: Marcela Sánchez-Bender, +1 202 473 5863, firstname.lastname@example.org
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