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This report on the U.S.- Honduras remittance corridor describes the remittance regulatory and market environment, financial inclusion strategies by financial institutions, transnational economic activities, and the impacts of remittances on the Honduran economy. Six areas provide the focus of this report: (i) regulatory reforms for the remittance market are urgent in order to improve clarity in regulations as well as to include money transfer companies in the regulatory framework; (ii) money service businesses will benefit from an examination of state regulation and their subsequent harmonization and coordination; (iii) rural areas need to improve distributive infrastructure to better reap the benefits of the remittance flows; (iv) financial education and awareness for Honduran migrant communities are critical components with the overall remittance flow equation; (v) the regulatory environment of remittance flows would be greatly enhanced through the promotion, inclusion, and expansion of proper identification; and (vi) public policies can be directed to building an environment for diaspora investments in the community and local business developments for exports to Honduran communities abroad.

This study reports on recent development and future potential for U.S.-based Guatemalan workers cross-border retail transfers to be more formal, cheaper, and disposed to the cross-sale of financial products and services. It also presents the key features of remittances senders, recipients, instruments, and intermediaries involved. The paper focuses on three areas: (a) the main characteristics of the Guatemalan migrants in the United States and the key drivers behind their decision to remit money and to choose an intermediary; (b) financial infrastructure supporting U.S.-Guatemala remittances processing, especially the role of technology, payment systems and innovations going forward, as avenues to help lower transaction costs, among others; and (c) the landscape of workers remittances distribution in Guatemala, examines the characteristics of recipients and the evidence of remittances impact, and analyzes the indications of potential for cross-sale of financial services to recipients.