Few things are more important to Hispanics than family. In fact, both the nuclear and extended families – la familias – are highly valued by the vast majority of Hispanics both in the U.S. and throughout Latin America.
It comes as no surprise that remittances, those funds sent to support family and sometimes friends, are an important part of many Hispanic household budgets. Credit unions that provide remittance transfer services are discovering how important and vital those services can be, especially given the growing U.S. Hispanic population and rising number of immigrants.
Some 58 million Hispanics live and work in the U.S. according to the Pew Research Center, comprising roughly 18 percent of the U.S. population. Add to that the growing number of immigrants and you have a very large number of people seeking to send remittances home to family members.
After a slight downturn in recent years, remittance activity among Hispanics has spiked with even greater growth anticipated. This provides credit unions a chance to serve more Hispanics and realize greater economic opportunities. In many Latin American households, remittances constitute a primary source of income, making the transferred money vital to those families’ financial wellbeing.
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