Orozco

Distant but close:The Impact of Immigrant Remittances on Latin America: 

Distant but close: The Impact of Immigrant Remittances on Latin America Manuel Orozco, Inter-American Dialogue May 30th 2005

The Geography of migration and remittances: distant proximities through transnationalism: 

The Geography of migration and remittances: distant proximities through transnationalism Asia Japan Hong Kong Philippines China India Singapore Vietnam Thailand Malaysia Africa South Africa Congo Ghana Morocco Malawi Ethiopia Mozambique Lesotho Swaziland America United States Canada Brazil Mexico El Salvador Dom. Rep. Ecuador Jamaica Cuba Colombia Paraguay Venezuela Haiti Europe France U.K. Germany Italy Belgium Spain Turkey Albania Armenia Greece Portugal Oceania Australia New Zealand Middle East United Arab Em. Saudi Arabia Kuwait Jordan Egypt

The national income equation in Latin America: a rent seeking and courtesan state?: 

GDP: (X-M) + I + G + C -DOMESTIC SAVINGS - INVESTMENT -FOREIGN SAVINGS - INVESTMENT -FDI: Transnational capital, migrant capital investment -TECHNOLOGY TRANSFER -UNILATERAL TRANSFERS -ODA- BILATERAL & MULTILATERAL -PRIVATE DONATIONS FOUNDATIONS, PPOs, HTAs -WORKER REMITTANCES -Maquila, Tourism, Non-traditional exports -Transportation, Telecommunication, Nostalgic Trade The national income equation in Latin America: a rent seeking and courtesan state?

Slide4: 

Immigrant economic practices (annual expenses) Consumption Donations Family remittances Capital investment Household economy (US$270) Community (US$10,000 year) Trade and services retail (US$3,000) Property and other I (US$5,000)

Main remittance recipient countries worldwide: 

Main remittance recipient countries worldwide

Remittances per capita (2001): 

Remittances per capita (2001)

The Latin American context: 

The Latin American context The level of engagement The 5Ts

Remittances to Latin America and the Caribbean by Region (%): 

Remittances to Latin America and the Caribbean by Region (%) US$ 45.2 billion

Slide9: 

Source: Central Bank of each country. Estimates for Cuba and Haiti

Commitment to families . . .: 

Commitment to families . . .

Length of Commitment . . .Average amount sent and length of time living in U.S.: 

Length of Commitment . . . Average amount sent and length of time living in U.S.

Percent of remittance senders who . . .: 

Percent of remittance senders who . . . Jamaicans: younger with formal education, Bank accounts, higher income and live in smaller households

Caribbean immigrant home country engagement seems greater than other Latin immigrants . . .: 

Caribbean immigrant home country engagement seems greater than other Latin immigrants . . .

Effects and trends in home country: 

Effects and trends in home country

Distributive effect of remittances: 

Distributive effect of remittances

Remittance recipient households: 

Remittance recipient households Source: El Salvador, Honduras and Guatemala: Bendixen and Associates survey; Dominican Republic: Emmanuel Sylvestre & Associates survey (commissioned out by the author); Guyana: Laparkan Trading survey (commissioned out by the author); Ecuador: Mauricio Orbe (PulsoEcuador); Mexico: El Colegio de la Frontera Norte. “Problemas y Perspectivas de las Remesas de los Mexicanos y Centroamericanos en Estados Unidos,” El Colegio de la Frontera Norte: Departamento de Estudios Económicos. Mexico: 2002, p. 30.

Female remittance recipients (%): 

Female remittance recipients (%)

Remittance recipient (relationship): 

Remittance recipient (relationship)

Phone calls to selected Latin American countries: 

Phone calls to selected Latin American countries Source: Encuesta de inmigrantes en New York; US Census Bureau; 2000 and 2001 International Telecommunications Data, Linda Blake and Jim Lande. Washington, FCC, December 2001, and January 2003. * calculo basedo en un promedio de 4 llamadas al mes por 5, 8, 15, 25 y 30 minutos por llamada Formula utilizada es ∑ de llamadas = minutos anuales * Porciento que llama * Porcentaje inmigrantes que remiten (Censo 2000 de pobl.)

Goods bought by Guyanese diaspora: 

Goods bought by Guyanese diaspora

Products bought by Jamaicans in the U.S.: 

Products bought by Jamaicans in the U.S.

Counter-cyclical nature: Quarterly flows to selected Latin American countries: 

Counter-cyclical nature: Quarterly flows to selected Latin American countries

Slide23: 

Dominican Republic: Remittances, prices, interest and exchange rates R2 = 0.54 adjusted R2 = 0.29, statistical significance p< .10 * , p < 0.05 **, p < 0.01 *** Home country variations in exchange rates and unemployment in the U.S. among Latinos do not have an effect on transfers. Market of transfers occur independently from exchange rate variations: under the economic crisis affecting devaluation, remittance transfers, and the control of its volume by companies, were not related to exchange rates. Remittances responded specifically to changes in prices

Jamaica: Macroeconomic determinants: 

Jamaica: Macroeconomic determinants

Jamaica and GDP: Remittances, Tourism and Non-Traditional Exports: 

Jamaica and GDP: Remittances, Tourism and Non-Traditional Exports

Levels and determinants of Engagement: 

Levels and determinants of Engagement Comparisons among Latin American and Caribbean immigrants in the U.S.

Level of engagement: 

Level of engagement Index for extent of engagement At least traveling once a year; At least calling once a week; Buying home country goods; Helping family with other economic obligations; Has bank account in home country; Has a mortgage loan in home country; Sends over US$350

Determinants of engagement: 

Determinants of engagement OLS statistical procedure using level of engagement as dependent variable. Other Latin America: immigrants from Bolivia, Cuba, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, and Nicaragua.

Slide29: 

Percent of Latin American and Caribbean people with a tertiary education and living in the US

It costs to be poor and immigrant: Costs to transfer US$200 in remittances in February 2004: 

It costs to be poor and immigrant: Costs to transfer US$200 in remittances in February 2004

Slide31: 

Source: Global Cell, AT&T, MCI rates. Costs of Calling to Selected Latin American and Caribbean Countries

Diaspora organizing: 

Diaspora organizing Hometown associations in Latin America

Philanthropy for the homeland: 

Philanthropy for the homeland HTAs are small voluntary philanthropic organizations; Their organizational structure is commensurate to the groups’ proposed goals; The activities focus on basic health, education and public infrastructure; The resources raised are relatively small in volume (US$10,000); Donations are significant however in rural recipient localities; Partnership with governments enhance development goals. Source: Orozco, Manuel (2003), Hometown Associations and their Present and Future Partnerships: New Development Opportunities? Inter-American Dialogue, Report commissioned by the U.S. Agency for International Development. Washington, DC. September.

Mexican Clubs by State of Origin: 

Mexican Clubs by State of Origin Source: Orozco, Manuel (2003), Hometown Associations and their Present and Future Partnerships: New Development Opportunities? Inter-American Dialogue, Report commissioned by the U.S. Agency for International Development. Washington, DC. September.

Guyanese and Salvadoran Hometown Associations : 

Guyanese and Salvadoran Hometown Associations

Issue identification: Range of Activities in Mexico ( of HTAs working on given project): 

Issue identification: Range of Activities in Mexico ( of HTAs working on given project)

Resource allocation: 

Resource allocation

Budget allocation, HTA donations and population (mean values) : 

Budget allocation, HTA donations and population (mean values) Source: Orozco, Manuel (2003), Hometown Associations and their Present and Future Partnerships: New Development Opportunities? Inter-American Dialogue, Report commissioned by the U.S. Agency for International Development. Washington, DC. September.

The reality of transnational families: 

The reality of transnational families Is poverty out of the picture with transnational migration?

Remittance Sender: 

Remittance Sender A person who represents two thirds of immigrants; Sends regularly, at least seven times a year; Has an income below $30,000 (65); Has a basic education below high school (70); Sends about $3,000 annually; Has a longstanding commitment with their relatives (at least 5 years); Uses intermediaries to send money (70); Does not have a bank account (56)

Remittances from Latin American immigrants in the United States: 

Remittances from Latin American immigrants in the United States Sixty percent of Latin American immigrants send remittances; The average transactions that immigrants send is $240 and do it regularly over twelve times a year. The regularity of the amount is four times more than in 2001. The aggregate volume of such amounts adds to a little over 30 billion dollars a year from the continental United States; In six states immigrants are sending at least one billion dollars; Latinos in California alone send nearly ten billion; The total volume from these six states adds to twenty-one billion dollars

Personal Income and Years living in U.S.: 

Personal Income and Years living in U.S.

Remittance senders without bank accounts: 

Remittance senders without bank accounts

Dominican Republic remittance receiving households: Income and years receiving remittances: 

Dominican Republic remittance receiving households: Income and years receiving remittances

Remittance receiving households: some financial characteristics : 

Remittance receiving households: some financial characteristics

Remittances as Institutions of Development : 

Remittances as Institutions of Development

Opportunities for development: 

Opportunities for development Reduce Costs Savings, Credit and Banking Link with hometown associations Promote nostalgic markets and tourism Create institutional ties with the diaspora Link remittances and technology

Strategy 1: Reduction in transfer costs : 

Strategy 1: Reduction in transfer costs Promotion strategic alliances between remittance agencies and banks, such as VISA with Quiqeyana, Banco Cuscatlan, Banco Uno y Gigante Express in Central America and the Dominican Republic Strategic agreements between banks in the country of residence and the country of origin Bank of America, Citibank (C2iT), etc. Software Platforms for banks: Mastrex International ATMs and MAC: Mitchell’s Bank Alliances among US and Latin American credit unions, such as IRNet

Total cost of remittance transfer by industry sector: 

Total cost of remittance transfer by industry sector

Slide51: 

A score card on Remittance Transfers: What works best to the customer’s benefit.

Score for Fee, FX and total cost: 

Score for Fee, FX and total cost Mexico Score = MTOa / All MTOa Dominican Rep.

Remittance Market Composition in Latin America: 

Remittance Market Composition in Latin America

Strategy II: Savings, Credit and Remittances: 

Strategy II: Savings, Credit and Remittances Monitoring transfers, especially the exchange rate Motivate savings and credit institutions to attract remittance senders and recipients Bring low cost banking centers where there is a high concentration of families who receive remittances Offer incentives to households that receive remittances; Allow micro-finance and credit unions to become agents of remittances and savings institutions

“The demand for financial services by remittance receiving households rests on the intersection between the role of microfinance institutions, such as credit unions, and rural sector development.” : 

“The demand for financial services by remittance receiving households rests on the intersection between the role of microfinance institutions, such as credit unions, and rural sector development.”

Mexico: Remittances to rural households : 

Mexico: Remittances to rural households 15 recibe US$250 al mes, siete veces al año.

People with bank accounts (remittance recipients and non-recipients) : 

People with bank accounts (remittance recipients and non-recipients) Source: Multilateral Investment Fund-Inter-American Development Bank, Receptores de Remesas en Mexico, Octubre 2003; Receptores de remesas en Guatemala, El Salvador y Honduras, Septiembre 2003; Receptores de Remesas en Ecuador, Mayo 2003. Washington, DC: MIF-IADB/FOMIN-BID.

MFI Relevance: Zacatecas : 

MFI Relevance: Zacatecas

Jerez, Zacatecas: 15% of RRH have bank accounts: 

Jerez, Zacatecas: 15% of RRH have bank accounts

Remittances and microfinance: 

Remittances and microfinance 1. Competitive position: The institution . . . a. has offered remittances since ____ b. offers money transfers on its own, through partnership or in a network c. has experienced growth in the transfers (number of transactions; market share) d. offers a competitive fee and enjoys profit margins e. has a competitive foreign exchange f. has a remittance marketing tool 2. Financial intermediation: The institution a. offers remittance distribution to members b. opens bank accounts to remittance recipient households in the institution’s vicinity; c. Has a crosselling marketing tool d. Provides range of financial services e. Provides credit for productive investment [mobilizes savings from remittance transfers] f. Remittance senders has a financial relationship with institution 3. Regulatory environment: The institution . . . a. Has awareness of regulatory issues in money transfers b. Report its activities to partner money transfer company c. Report its activities to government agencies 4. Technological applications a. The money transfer occurs through mainstream but modern platforms b. Innovative technologies are implemented (cards, wifi, online transfers, bundled softwares). 5. Data Management: The institution . . . a. Systematizes flows b. Performs market research and client analysis 6. External assistance: The institution . . . a. Donors or investors provide technical assistance for remittance transfer incorporation or innovation (equipment, regulatory compliance, training, market research, etc.) b. Donors or investors provide working capital for remittance operation 7. Institutional efforts: The institution . . . a. Has invested resources to compete in the market b. Business is generating non-negligible revenue c. Relationship to local economy d. Relationship to local community

Minimum indicators leveraging the relationship between financial intermediation and remittances: 

Minimum indicators leveraging the relationship between financial intermediation and remittances Remittance market service coverage: The institution provides remittance transfer operations to its clients or members, as well as to the communities where its branches operate. Indicator: Coverage where there is competition (MFI branches / Competitor branches) Effective market presence: As a minimum, market presence is achieved through a combination of partnership with money transfer companies, offer of a low cost remittance transaction and a distribution capacity. Indicators: Transfer volume (transfers / month, rate of transactions per institution’s branch), transaction cost (institution’s transfer cost / market average), number of branches, . Accessible financial services: The institution markets, designs and provides recipients with an array of various product options, including savings, credit, insurance, pension funds. Indicator: financial services (number of remittance recipients that are clients). Information management and adaptation: Institutional awareness and management of the market composition of recipients, adoption of adequate technologies linking MFI systems with remittance transfers. Indicator:

Banks, Credit Unions and Microfinance institutions offering remittances: 

Banks, Credit Unions and Microfinance institutions offering remittances

Coverage: 

Coverage Effective coverage by branch location MFIs and operations in rural areas n=19

Slide64: 

Rate of transactions per institution’s branch n=19 Above or below transfer cost n=19

Transfer volume, number of account holder and branches by institution (2004). : 

Transfer volume, number of account holder and branches by institution (2004). Transfer volume, number of account holder and branches by institution (2004). Source: Orozco, Manuel, Survey commissioned to Borge & Asociados, 2004; Institutional interviews, January 2004 & 2005.

Slide66: 

Comparing Results: institutional ability to meet indicators Highest possible score: 11 Note to scores: Rural branches: Under 50% of branches are in rural areas: 1; Between 50 to 75% of branches are in rural areas: 2; Over 75% of branches are in rural areas: 3. Cost: Below transfer cost: 2; Same to average transfer cost: 1; Above transfer cost: 0. Transfers / branch: Over 400: 4; 200 to 400: 3; 51 to 200: 2; 0 to 50: 1. Financial services: Nothing yet: 0; Tailored package: 1; Typical Services: 2

Money transfers by banks: 

Money transfers by banks

Strategy IIb: Remittances and Technology: 

Strategy IIb: Remittances and Technology Wireless internet accessibility, Wi-Fi (Wireless Fidelity) offers the opportunity to integrate the rural sector using computer equipment at a low cost Computers with Wi-Fi send and receive information using radio waves This system could be used to send remittances This technology could be administered by local micro-finance institutions This system also could offer advantages to local businesses as to generate investment (such as a discount of half or a third of the actual price of a phone call) and simultaneously an opportunity for new markets

Strategy III: Alliances with Home Town Associations : 

Strategy III: Alliances with Home Town Associations Seek communication and dialogue with HTAs; Social development Donor technical assistance for project identification; Support of a transnational community radio; Donor support on governance and democratic participation; Donor partnerships in social (health and education) and infrastructural projects Economic development Government incentives to attract private sector involvement; Government support in investment feasibility analysis; Financial infrastructure Support education on financial services; Support to link technology to education, communication and remittances in the rural areas.

Slide70: 

Definition of four criteria for evaluating development potential Three-for-One Program projects and communities in Jerez, Zacatecas Source: SNIM n.d.; SEPLADER 2004.

Slide71: 

Scorecard for evaluating a project’s potential for enhancing equity Source: Scorecard developed by the authors.

Strategy IV: Expansion of Financial Investment : 

Strategy IV: Expansion of Financial Investment

Strategy IVa: Promotion of the nostalgic market : 

Strategy IVa: Promotion of the nostalgic market Risk and investment analysis Build partnerships between the private sector and the immigrant community; Financing small investment projects within rural sectors Involve home town associations and NGOs with strategies to invest

Strategy IVb: Tourism and Migration : 

Strategy IVb: Tourism and Migration Establish travel packages to traditional places Establish new and innovative products for tourists Create new investment strategies to promote tourism

Strategy V: Connecting the external community with assistance : 

Strategy V: Connecting the external community with assistance Adopt linking with the diaspora as part of the country’s foreign policy. Use the consulates as points of contact. Forge mutual confidence: Support their activities carried out as an organized group Establish ties through meetings and conferences; Help in the creation of a diaspora agenda; Carry out services demanded by the community; Implement summer camps programs Create an office of attention to nationals linving abroad Unit of community contact Unit linking the state and the community Unit of study and analysis

Core Recommendations on Remittances: a flow intersecting finance and development: 

Core Recommendations on Remittances: a flow intersecting finance and development Transparency; Fair competition; Technology capable; Partnership and alliances Financial services; Do no harm; Data improvement; Encouraging financial intermediation; Financial literacy Development impact Social and financial inclusion Justification Norms for a market structure Distributive effect Volume Anti-cyclical nature Costs and imperfect markets Macro-economic effects Effects Mature structure of the market Increase capital and savings Financial democracy

Promoting financial literacy and consumer rights: 

Promoting financial literacy and consumer rights Best Practices of Remittance Transfers: What works to the customer’s benefit.

Slide79: 

Remittances, banks and new accounts

Credit unions, remittance and membership: 

Credit unions, remittance and membership

“The demand for financial services by remittance receiving households rests on the intersection between the role of microfinance institutions, such as credit unions, and rural sector development.” : 

“The demand for financial services by remittance receiving households rests on the intersection between the role of microfinance institutions, such as credit unions, and rural sector development.”

Mexico: Remittances to rural households : 

Mexico: Remittances to rural households 15 recibe US$250 al mes, siete veces al año.

Strategy IIb: Remittances and Technology: 

Strategy IIb: Remittances and Technology Wireless internet accessibility, Wi-Fi (Wireless Fidelity) offers the opportunity to integrate the rural sector using computer equipment at a low cost Computers with Wi-Fi send and receive information using radio waves This system could be used to send remittances This technology could be administered by local micro-finance institutions This system also could offer advantages to local businesses as to generate investment (such as a discount of half or a third of the actual price of a phone call) and simultaneously an opportunity for new markets

Volume and Price in Latin America: 

Volume and Price in Latin America Manuel Orozco

Quarterly flows to selected Latin American countries: 

Quarterly flows to selected Latin American countries

Remittances to Latin America: average amount sent by an immigrant: 

Remittances to Latin America: average amount sent by an immigrant

Latin Remittance Sender: 

Latin Remittance Sender A person who represents two thirds of immigrants; Sends regularly, at least ten times a year; Has an income below $25,000 (60); Has a basic education below high school (50); Sends about $3,000 annually; Has a longstanding commitment with their parents (at least 5 years); Uses intermediaries to send money (70); Does not have a bank account (40); Is an adult over 36 years old;

Average amount sent and length of time living in the U.S.: 

Average amount sent and length of time living in the U.S.

Immigrants and bank accounts: 

Immigrants and bank accounts

Why doesn’t have a bank account?: 

Why doesn’t have a bank account?

Do you have debit, credit card, or both: 

Do you have debit, credit card, or both

Do you have financial obligations (loans)?: 

Do you have financial obligations (loans)?

Personal Income and Years living in U.S.: 

Personal Income and Years living in U.S.

Remittances and the Market: 

Remittances and the Market Some features and trends

Slide96: 

Money Transfer Company MTC’s bank MTC’s rec. country Agent Distributor AD’s bank Data Transfer Report (customer’s sending Information) Wire Transfer (cash transfer Amount) MTC’s Agent POS MTC’s Agent POS Remittance sender Remittance recipient Regulatory Environment Compliance Monitoring International money transfer operation MTC: Money transfer company POS: Point of sale AD: Agent distributor (on receiving side) TWO DATA STREAMS

The Transfer of Remittances: A Diffuse Market: 

The Transfer of Remittances: A Diffuse Market Change Proliferation of companies in process of consolidation, Slow but gradual decline in the transfer costs; New practices and services provided Growing interest of the banking community and governments Continuity Charges remain expensive, as well as exchange rate Charges vary among countries Competition has yet to affect oligopolies Little incentives on senders or recipients

Competition among major remittance recipients: 

Competition among major remittance recipients Number of money transfer companies holding 50 or more of market share Cost of sending money to selected countries (as percent of principal sent)

Cost to transfer remittances in February 2004: 

Cost to transfer remittances in February 2004

Cost comparison between principal amount sent and sending $200: 

Cost comparison between principal amount sent and sending $200

Percent cost to send $200 to Latin America: 

Percent cost to send $200 to Latin America

Changes over time in costs to send principal amount: 

Changes over time in costs to send principal amount

Percent cost to send $200: 

Percent cost to send $200

Remittances Via ATM/Debit Cards and Resulting Fees for Sending $300 to Mexico: 

Remittances Via ATM/Debit Cards and Resulting Fees for Sending $300 to Mexico Remittances Via ATM/Debit Cards and Resulting Fees for Sending $300 to Mexico Remittances Via ATM/Debit Cards and Resulting Fees for Sending $300 to Mexico [1] Average Exchange rate of Bancomer and Banamex for 30-Jan-03. The bank that owns the ATM usually applies the exchange rate at the time of ATM withdrawal. Therefore, this average approximates exchange rate received by a customer accessing his remittances through an ATM. [2] Banco Central de Mexico Official Exchange Rate. [3] Other fees that apply: A US$4.00 Representative Assisted Fee will be charged each time You or the Recipient talk directly with a person. This fee will be waived for the first 4 such calls each annual period beginning with the enrollment date. A US$1.00 Automated Inquiry Service Fee will be charged each time the Sender or the Recipient make an inquiry using a voice response system. This fee will be waived for the first 2 inquiries following a transfer of money to the Card account. A US$0.50 ATM Balance Inquiry Fee will be charged each time the Sender or the Recipient makes a balance inquiry through an ATM. This fee will be waived for the first 2 balance inquiries following a transfer of money to the Card account. A US$3.00 Fee for Statement Copy Request will be charged each time the Recipient orders an additional statement to be printed and mailed to the Recipient.

Slide105: 

Remittances Sent through American Banks and Picked Up at Mexican Banks/Agencies and Resulting Fees for Sending $300 Remittances Sent through American Banks and Picked Up at Mexican Banks/Agencies and Resulting Fees for Sending $300 [1] Banco Central de Mexico Official Exchange Rate.

Slide106: 

Wire Transfers (the exchange rate is determined by receiving bank and the money is directly deposited into an account of the receiving bank)

Slide107: 

Remittances, banks and new accounts

Credit unions, remittance and membership: 

Credit unions, remittance and membership

Remittances and costs to Cuba: 

Remittances and costs to Cuba

Jamaica: 

Jamaica

Haiti: 

Haiti

Dominican Republic: 

Dominican Republic

Mexico: 

Mexico

Guatemala: 

Guatemala

Slide115: 

Colombia

Nicaragua: 

Nicaragua

El Salvador: 

El Salvador

Bolivia: 

Bolivia

Ecuador: 

Ecuador

Honduras: 

Honduras

Peru: 

Peru

Venezuela: 

Venezuela

Guyana: 

Guyana

Cost of remittances and volume: 

Cost of remittances and volume

Average amount sent and costs: 

Average amount sent and costs

Flights from the United States: 

Flights from the United States Fuente: "International Aviation Development Series," U.S. Department of Transportation

Immigrants with financial obligations (loans) in home country?: 

Immigrants with financial obligations (loans) in home country?

Average amount sent and number of remittance dependents: 

Average amount sent and number of remittance dependents

Dynamics of migration and development: 

Dynamics of migration and development Migration from Latin America to the U.S. A global pattern The level of engagement: the 5Ts Impacts in Latin America Sender and recipient profiles Hometown associations Policy issues

Immigration to the United States: 

Immigration to the United States

Recent migration to the U.S.: 

Recent migration to the U.S.

Latin American migration: 

Latin American migration

Main Latin American migration in the U.S. by country of origin: 

Main Latin American migration in the U.S. by country of origin

Latin American immigrants in the U.S. (2000): 

Latin American immigrants in the U.S. (2000)

Escaping bullets and repression: 

Escaping bullets and repression

Worldwide remittance flows in 2002: 

Worldwide remittance flows in 2002 Fuente: Orozco, Manuel, Worker Remittances in an International Scope Inter-American Dialogue. Washington, D.C. March, 2003, p3.

Main origin of remittances: 

Main origin of remittances To all countries, $ billion United States Saudi Arabia

Income distribution and remittances: 

Income distribution and remittances

Percent cost to send $200 to Latin America: 

Percent cost to send $200 to Latin America

Average amount by sender’s age: 

Average amount by sender’s age

Average amount by sender’s education: 

Average amount by sender’s education

Average amount by sender’s income level (US$): 

Average amount by sender’s income level (US$)

Productos nostálgicos adquiridos por Nicaraguenses: 

Productos nostálgicos adquiridos por Nicaraguenses 125,000 personas que gastan $100 anuales en queso: $12.5 millones. Exportación Nicaraguense de queso es aprox. $30 millones.

Remittances to Latin America: average amount sent by an immigrant: 

Remittances to Latin America: average amount sent by an immigrant

Frequency in traveling back to home country (%): 

Frequency in traveling back to home country (%)

Frequency of phone calls to relatives () : 

Frequency of phone calls to relatives () Datos recogidos de la encuesta e inmigrantes enNew York conducida por el autor, administrada por Emmanuel Sylvestre & Assoc. Resultados presentados en Orozco, Manuel (2004), Distant but close: Guyanese transnational communities and their remittances from the United States Inter-American Dialogue, Informe encargado por la U.S. Agency for International Development. Washington, DC. Enero..

Percent buying home country goods and types: 

Percent buying home country goods and types Data reported from survey of immigrants in New York conducted out by the author, administered by Emmanuel Sylvestre and Assoc. Results reported in Orozco, Manuel (2004), Distant but close: Guyanese transnational communities and their remittances from the United States Inter-American Dialogue, Report commissioned by the U.S. Agency for International Development. Washington, DC. January..