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Multilateral Investment Fund Inter-American Development Bank

Multilateral Investment Fund Inter-American Development Bank

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Multilateral Investment Fund Inter-American Development Bank

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  1. Survey of Remittance Senders: U.S. to Latin America Multilateral Investment Fund Inter-American Development Bank Nov / Dec 2001 1,000 Interviews Margin of Error: 3%

  2. Who was Interviewed? 100% 100% Have family in Latin America 18 years or more 100% Latin American immigrants living in U.S.

  3. Country of Birth

  4. U.S. Residency

  5. Citizenship

  6. Income

  7. Education

  8. Age

  9. Region

  10. Remesas • Our study indicates that 69% of all Latin American immigrants living in the United States – approximately 10 million people – send an average of $200 to their families in Latin America about seven times a year. • According to our poll, the total yearly amount of Latin American remesas is $14 billion.

  11. Have you ever sent money to family in your home country?

  12. Have you ever sent money to family in your home country?

  13. Have you ever sent money to family in your home country?

  14. Have you ever sent money to family in your home country?

  15. How often do you send money to family in your home country? Average: 7 times per year

  16. How often do you send money to family in your home country?

  17. How many years have you been sending money to family in your home country?

  18. How much money - on average - do you send to your family? Average remesa: $200

  19. How much money - on average - do you send to your family?

  20. How much money - on average - do you send to your family?

  21. Methods of Sending Remesas to Latin America • Most Latin American immigrants send remesas to their families through international money transfer companies like Western Union and MoneyGram. • “Convenience” is sited as the most important reason for utilizing these private companies.

  22. How do you usually send money to your family?

  23. How do you usually send money to your family?

  24. Why do you send money through Western Union / MoneyGram?

  25. Why do you send money through Bank / Credit Union?

  26. Costs of sending Remesas to Latin America • An overwhelming majority of Latin American immigrants are unaware that their families in Latin America receive less money than what they send from the U.S. • Most Latin American immigrants think that the cost of sending remesas is unfair after they are informed that international money transfer companies do not give their families the full dollar amount that they send from the U.S.

  27. Fees paid in the United States

  28. Fees paid in the United States to Western Union / MoneyGram

  29. Fees paid in the United States to Banks

  30. When your family picks up the money in Latin America, do you think that they get the full amount or that they get less than what you sent?

  31. When your family picks up the money in Latin America, do you think that they get the full amount or that they get less than what you sent?

  32. Some people think the cost of sending remesas is fair because the money arrives fast and safe. Other people think the cost of sending remesas is not fair because the fees and charges are excessive. What do you think?

  33. Bank Accounts • Even though a majority of Latin American immigrants have opened a bank account in the United States, more than 60% of those who make less than $20,000 a year have not.

  34. Do you have a bank account in the United States?

  35. Do you have a bank account in the United States?

  36. Do you have a bank account in the United States?

  37. Why don’t you have a bank account?

  38. Remesas Colectivas • 21% of Latin American immigrants have contributed money to a “collective remittance.” Many Latin American communities throughout the United States organize events to raise money for projects in their home country.

  39. Have you ever contributed money to a remesa colectiva?

  40. Have you ever contributed money to a remesa colectiva?

  41. Average amount of contribution to a remesa colectiva

  42. Investment Funds • A significant percentage of Latin American immigrants in the United States would consider investing in a fund that benefited the economic development of their home country, as long as a prestigious international financial institution recommended such an investment.

  43. How interested would you be in investing in a fund that would benefit the economic development of your home country?

  44. How interested would you be in investing in a fund that would benefit the economic development of your home country?

  45. About how much would you be willing to invest in a fund that would benefit the economic development of your home country?

  46. Would you prefer that the money you invest in this type of fund be used to finance projects at the national level or in the city or region where you are from?

  47. The Economic Impact of 9/11 • Latin American immigrants were economically hurt by the events of 9/11. Many lost their jobs and more than a quarter report that they make less money now than they earned before September 11th. • More than half of all Latin American immigrants indicate that they are now sending less money to their families because of the economic difficulties they’re experiencing.

  48. Economic consequences of the events of 9/11

  49. Many people have lost their jobs because of economic problems related to the events of September 11th. Other people are making less money today because of the national emergency. Are you now sending the same amount of money or less money to your family in Latin America?

  50. Media Usage • The study clearly indicates that the most effective way to reach Latin American immigrants in the United States is through Spanish-language television.