Money Remittance in Honduras
Here’s a key fact you should know before calculating your budget, particularly if you plan to send money overseas. Believe it or not, some countries charge you upwards of 20% or more of the total value of money remittance when sending amounts abroad. Other countries, like Honduras, enjoy some of the lowest rates of any land. You can send money from the United States to Honduras for as little as 2-3% of the total amount.
The low cost of transferring money to Honduras has greatly enhanced the country’s national economy. The Central Bank of Honduras reported a total remittance income of $3.44 million at the end of 2014. That amount exceeded the government’s projections for the year. The remittance income increased by more than 11% between 2013 and 2014, highlighting the cost-effectiveness of sending money to the area.
The overall amount sent to Latin America from the U.S. rose by about 4% in 2014. The increase correlates to an increasing number of immigrants coming to the States to work; these people often send money back to their families in Honduras and other Central American countries. The remittance process helps both individual families and the overall economies of the recipient countries by stimulating exchange and motivating entrepreneurship. Exchange rates for money transfers fluctuate constantly, but the steady rates in places like Honduras have provided much appreciated stability to fuel the country’s growth.
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