There are communities all over the U.S., usually in big cities making up entire neighborhoods of their own where it could almost be mistaken for being Mexico transplanted. This is the power of migration, where so many people of one culture have moved and settled in to establish their home away from home in another place. It happens all over the world, and so does the connection with their original home. It happens with food, clothing, restaurants and, most importantly, with venues that provide the ability to transfer money back home, usually with signs that say, “aplicación para enviar dinero al extranjero,” or “envios de dinero.” Both are practically global flags for anyone from Latin America that a given shop is a direct conduit to send help back home.
The Distribution of Earned Income is Global
Remittances, as they are referred to legally, or money transfers in regular lingo, have a massive economic impact on Latin America and elsewhere. However, they are more than just a financial transactions. Every remittance represents help, support, and a signal that a relative overseas still cares and works for something better. And a family back home in the original Latin country is thought of personally. So, while those on the outside might think money transfers are just that, a financial transaction, for workers who send money home, it’s almost a personal mission if not religion.
Traditionally, money transfers in Latin communities across the U.S. have been handled by in-person intermediaries. Everyone from Western Union and MoneyGram to small mom-and-pop operations handles money transfers daily. They represent a solid amount of business, especially given the fees charged on every transfer. It’s not just a matter of moving the funds; they also have to be exchanged for the destination currency as well to be useful on receipt. So, having set up connections both on the sending and receiving ends, these services provide the ability to transfer value so that it’s ready to go with the confirmed receiving party. It’s the security that banks also provide with bank wires, but their charges are astronomical compared to the typical money service business. Plus, many workers don’t have a traditional bank account or can’t be approved for one. Money transfer services in Latin neighborhoods fill that gap.
Multi-Service Businesses are Common in Latin Neighborhoods
Most Latin vendors in big cities are hustling multiple services out of what can seem like an unrelated store. A restaurant or corner store, for example, could easily handle money transfer set-ups as well as FedEx shipping, mailbox rental services, and printing! Business is business, and Latin business owners are not picky as long as they have customers. Given their shared culture, these business owners represent a direct conduit to home, easily translated services, and needs met in the same language and perspective as workers needed to do the transfers.
The 21st Century Isn’t Waiting for Progress
However, the world is also changing. The recent pandemic, which forced many to keep separate from each other, also forced workers to have to find other means to transfer money. Digital money transfer services started to become real, practical, and useful. Now, the phrase, “aplicación para enviar dinero al extranjero,” isn’t just a store sign; it’s a click-through link button on a website provided by services like Ria International Money Transfer and similar. Many such trusted providers have upped their game in terms of making Internet connections easy to use for secure money transfers. Combine this with digital money accounts that don’t need traditional banks to store funds and move income, and the pair make a powerful tool for cash transfer literally directed from a mobile device. That’s the power of technology today.
People will continue to travel, work overseas, and support back home to make life better for their loved ones. And services like Ria Money Transfer continue to adapt to the times to help, especially with fewer fees, secure service, and reliable value delivery every time. It’s how futures are built for tomorrow.
