The large and growing need for affordable remittance transfer services represents an equally large business opportunity for credit unions. This is especially true for those U.S. cooperatives serving Hispanic members with family in Latin America.
Once the domain of Latin mom-and-pop shops, remittance services have in recent years become accessible to Hispanic and other consumers through their local credit unions.
Beyond simply allowing consumers with another choice, providing remittance services also gives credit unions the chance to deliver more comprehensive financial services to a largely underserved population. It's important to understand remittances aren't necessarily a tool for attracting new Hispanic members. Credit unions should view these services more as a value-added tool to increase the depth of their product suites. Credit unions with comprehensive programs ultimately complete more remittances than those without a similarly robust program.
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