Financial Services Industry
Industry: Email Alert RSS FeedSpecial Supplement: Dominican Republic - Missed Chances - A Huge Amount Of Hard Currency Flows In From Abroad In The Shape Of Remittances, Yet Banks Have Steered Clear Of It, Missing Out On A Golden Opportunity.
Banker, The, April, 2006
Remittances are a crucial part of Dominican society, a vital source of hard currency for the country as a whole and sometimes a lifeline for poorer families that are otherwise left to cope on subsistence earnings or benefits. Curiously, it is a revenue stream that mainstream banking has tended to underutilise, leaving it to dedicated remittance companies to perform a service that is expensive, personal and sometimes dangerous.
Most remittances into the Dominican Republic are from the US; New York is the republic's unofficially recognised 'second city', though Florida, Boston and Pennsylvania also have large Dominican populations. Remittances are also starting to flow from Europe, in particular Spain, the Netherlands and Italy.
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