The New York Times has an editorial this morning titled Dollars Without Borders
addressing the need for lower cost money transfer and remittance services.
The total amount of money flowing from developed nations to developing nations through remittances has nearly quadrupled in the last seven years. But the systems by which emigrants send the money home have not kept pace. Too many people still rely on transfer agencies like Western Union. These agencies have become cheaper and safer, but much more can be done to foster the development of poor nations' financial systems, which still serve only one in 20 households that get remittance money.