All articles by Sridhar Chityala

Sridhar Chityala

Newcomers face daunting obstacles

Newcomers face daunting obstacles. Cash remittances by migrant workers is a global business processing more than $250 billion annually. Latin America is one of the largest recipient markets, and one of the most hotly contested by established players and a growing number of banks seeking to establish a foothold in the market. Sridhar Chityala reports.According to a report published by United Nations agency the World Bank, remittances sent home by migrants from developing countries in 2006 totalled $206 billion, up from $193 billion in 2005 and more than double the level in 2001.