Your first thought when sending money abroad might be to visit your bank or maybe even the convenience of the services at your local Walmart. In fact, you can find remittance services — funds sent overseas by foreign-born residents — in supermarkets, convenience and drug stores, and stand-alone storefront operations. Today, the variety of options can make it complicated to shop for the best way to send money abroad.
Each year, U.S. households send an estimated $135 billion to families, friends, and others abroad. The United States is the world’s largest source of remittances according to the Government Accountability Office. The graph below illustrates U.S. remittance amounts to the top 10 countries. Continue reading