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Money Transfers

BUSINESS
February 14, 2007 | Marla Dickerson, Times Staff Writer
Mexicans who work in the United States and send money south of the border are moving into the financial mainstream, according to a new survey. Fully 70% of migrants interviewed by Mexico's central bank said they had a U.S. bank account. The findings also suggest that U.S. financial institutions are playing an increasing role in the money transfers. People with bank accounts often are able to send money at a cheaper rate than if they wired the money through other means.
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BUSINESS
November 25, 2003 | From Bloomberg News
The Federal Reserve next month will lower the cost to U.S. banks of sending funds to Mexico, making it easier for the institutions to handle more of the billions of dollars that immigrants send home to relatives each year. The changes will let U.S. banks move money across the border through the Fed's system of clearing batches of electronic payments at about the same cost as transfers within the U.S. Banks without subsidiaries in Mexico will benefit most.
BUSINESS
January 27, 2005 | E. Scott Reckard, Times Staff Writer
Escalating the battle for Latino market share, Bank of America Corp. plans to eliminate all fees to transfer money to Mexico, starting today in Chicago and in the rest of the U.S. by the end of this year. Not surprisingly, there's a catch: Bank of America said it would require new customers of its transfer program to open a checking account. For many customers, it will be their first.
NATIONAL
February 3, 2012 | By Matea Gold, Washington Bureau
President Obama's first campaign ad of 2012 decried "secretive billionaires attacking" him through conservative nonprofit groups that do not reveal their contributors. But two Democratic nonprofit groups that do not disclose their donors made payments last year to their affiliated "super PACs," a tactic that can be used to undermine transparency. Priorities USA Action, a group started by two former Obama White House aides, accepted $215,000 from its tax-exempt arm, Priorities USA, for "operating expenses," according to campaign finance reports filed Tuesday with the Federal Election Commission.
WORLD
April 20, 2008 | Ken Ellingwood, Times Staff Writer
The U.S. economic downturn and tightened border controls have begun to alter the rhythms of undocumented migrants who used to move back and forth with regularity, which has crimped the flow of money sent home to Mexico, one of the nation's main sources of foreign income. The developments have produced worry and deep uncertainty in towns such as Tejaro, a farming community of 4,200 where pickup trucks bear license plates from Nevada and Minnesota.
NEWS
December 15, 2000 | LEE ROMNEY, TIMES STAFF WRITER
Drenched by downpours, Guillermo de la Vina wandered the agricultural outposts of Oregon and Washington in a thin raincoat and polished shoes, courting immigrant owners of small markets and stores. The businesses were rundown, planted in the mud of one-street towns. But De la Vina knew they could be gatekeepers for billions of dollars that Mexican migrant workers send home yearly.
NEWS
March 17, 1993 | JIM MANN and ROBERT L. JACKSON, TIMES STAFF WRITERS
The hunt for overseas connections to the World Trade Center bombing intensified Tuesday as federal investigators said that they have identified a man in Germany as the source of a cash payment to a New Jersey man charged in the case. The man wired funds from Duesseldorf to the Jersey City, N.J., bank account of Mohammed A. Salameh nine days before the bombing, authorities said.
CALIFORNIA | LOCAL
July 19, 1996 | PATRICK J. McDONNELL, TIMES STAFF WRITER
Moving aggressively into the billion-dollar market for cash transfers to Mexico, U.S. postal authorities Thursday kicked off a new service allowing residents to send money orders south of the border with expedited delivery and guarantees of payment or reimbursement. The Postal Service, in collaboration with Mexican officials, unveiled the initiative--known as Giro Express, after the Spanish word widely used for such transfers--at the Mexican Consulate in Los Angeles.
NEWS
November 7, 1997 | NANCY CLEELAND, TIMES STAFF WRITER
Every two weeks, Alfredo Cervantes sends home all the money he can spare--$50, $100, sometimes $200. Saving the cash from his factory job has been tough, Cervantes said, but getting it to relatives in the small Mexican town of Sahuayo has been even tougher. Money orders disappeared in the mail. Dollars sent through an informal cross-border network were stolen. Friends who traveled to Tijuana to deposit money in Mexican banks were robbed at knifepoint.
BUSINESS
December 30, 1991 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
The bills crunch with the satisfying newness of uncirculated currency. As Luis Carlos Ortiz counts out the $1,200 that he sends to his family in Colombia every month or so, he smiles in the knowledge that he has done well since he left home five years ago. "I buy and sell things-- self-employed," he says with a shrug, handing the money to a transfer agent who will see it safely on its way. The money Ortiz sends makes life a little easier for his 12 brothers and his parents.
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