Money Remitters and Money Exchange Houses

Money remitters move money for their customers, who often don’t have access to traditional banking services, they are also often cheaper than banks. Their services also cover all global locations, including ones without a formal banking infrastructure. Key types:

  • separate networks such as Western Union and MoneyGram

  • underground networks (alternative remitters)

  • money transfers via foreign branches of a bank, where visiting workers can remit funds back home

  • international money orders

They can be well regulated, if properly licensed.

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