There's a Need
More than 60% of Latin American immigrants living in the U.S. today remit money on a regular basis and more than 63% of Latin American immigrants do not have bank accounts.
Appleseed is entering the fifth year of a project that builds wealth in Latin American immigrant communities by increasing positive financial service opportunities, advocating for improved remittance products and educating recent immigrant communities about the money-saving options available to them. It is creating tools and programs that make the market work for Latino immigrants, so that they can save, build credit and move up the economic ladder. The end-goal is to enable low-income and immigrant communities to build assets within this country's financial mainstream and reap the benefits of economic inclusion.
Financial institutions have an opportunity to reach these new Americans by offering competitive and convenient remittance options. 40 states and the District of Columbia each sent over $100 million dollars in remittances to Latin America in 2006.