Remittances through IRnet cost $10 for any amount less than $1,000, a substantial discount from Western Union, even though the remittance leader has been cutting prices lately. Credit unions only make a nominal amount on each transaction, DeFilippi said, and IRnet encourages credit union members to focus on the membership and cross-selling opportunities the remittance purchasers represent. "We view remittances primarily as an opportunity for credit union growth and to reach out to the underserved," DeFilippi said, "and not as much as a source of income directly for the credit union."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
