International Remittance Network (IRnet®)

Date Shared:

Thursday, August 21, 2014 - 15:30

Title:

International Remittance Network (IRnet®)

Countries and areas:

Americas

Partner(s):

World Council of Credit Unions (WOCUU)

Thematic Area:

Remittances

Tags:

Remittances, Diaspora Empowerment and Engagement

Summary:

The International Remittance Network (IRnet®) was established in 1999 to facilitate remittance flows from the US to Latin America.

World Council of Credit Unions (WCUU )established the Network based on the urging of member credit unions from El Salvador, Guatemala, Honduras, Nicaragua, Mexico and Jamaica, and according to the World Bank it resulted in lower fees charged by the IRnet compared to major Money Transfer Companies (MTOs) - a flat rate of $10 to send up to $1000.

GFMD Source:

GFMD 2007- RT 2.1 "Improving the formalization of transfers and reducing their cost"

Link:

http://www.woccu.org/documents/gecu21#:~:text=On%20December%201%2C%20200....