MADISON, Wis. – Credit unions in Honduras kicked off their celebration of International Credit Union Day with their first transfer of an IRnet remittance. IRnet will be used at credit unions in Honduras belonging to part of the country's national federation of credit unions. The 11 largest and strongest CUs in Honduras will be distributing the remittances through their 44 points of service covering the country. The CUs' participation in IRnet means the cost of money transfers for members is being reduced from $5, plus 5% of the amount sent, to a simple $10 charge to send up to $1,500 with IRnet. According to the World Council of Credit Unions, approximately $700 million was sent from Hondurans in the U.S. to their families in Honduras in 2001. The organization said IRnet has the potential to save Hondurans transferring money $40 million annually.

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