A Technical Guide to Remittances: The Credit Union Experience

This document deals with the various factors involved in remittances and discusses the following:

• The need and importance of remittances;
• Current operating environment for remittances;
• Different modes of transferring money i.e. cash, card, account to account transfer and various other informal ways;
• The information flow and funds flow involved in the process.

Further, the document highlights the following:

• Factors such as location, marketing, pricing, service standards and human resources and others that can prove to be critical for the overall success of the credit unions involved in money transfer;
• Compliance of these credit unions with the rules and regulations so as to prevent money laundering;
• Importance of the role played by financial institutions in fostering the growth of the entire process;
• Issues associated with the growth and development of these unions and how to achieve a sustainable growth rate.