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Venezuela’s Soaring Migration Creates Need for Remittance Firms
- About $4.2 billion in remittances sent to Venezuela in 2022
- Only 3% of the money is transferred through formal channels
Venezuelan migrants at a makeshift encampment near the Rio Grande in Ciudad Juarez, Mexico, on Sunday, Nov. 13, 2022.
Photographer: Paul Ratje/BloombergThis article is for subscribers only.
Venezuela’s growing migrant community in the US and its lack of formal money transfer services are an incentive for remittance companies to operate in the country, according to the Inter-American Dialogue.
Transfers from the U.S. account for 38% of the approximately $4.2 billion in remittances this year, but only 3% of the money is being sent through formal remittance channels, a new report by the Washington-based think tank shows.