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| | PAGE1/A SECTION |
TODAY o March 8, 2001
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Wiring pledge welcomed
Saeed Ahmed - Staff
Thursday, March 8, 2001
A pledge extracted by Mexican President Vicente Fox from money-transfer businesses to reduce the
cost of wiring funds to Mexico has won cheers in Atlanta.
"It's a practice that has long needed some
moderation," said Sam Zamarripa, chairman of the Latin American Association. "I understand there's a
risk in dealing with people in transition but these companies set a commision rate that was above what
we would consider appropriate."
Mexican immigrants in the United States send families back home more than $6 billion a year, with an
estimated $1 million flowing from the paychecks of migrant workers in Georgia.
But depending on the amount sent, as much as 30 percent has been shaved off in commissions and in
poor exchange rates.
"Before, individuals weren't being notified in advance of how much they were being charged in fees,
and their families would end up receiving far less than what was being sent," said Hipolito Goico,
co-founder of the Georgia Hispanic Bar Association. "Lower fees and more favorable exchange rates will
mean significant savings for residents of both countries."
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