February 26, 2007

OVER THE WALL:

Immigrants who wire money get help from the Fed: Directo a Mexico lets customers without Social Security numbers wire money at little cost (Molly Hennessy-Fiske, February 26, 2007, LA Times)

Dubbed Directo a Mexico, the Federal Reserve-sponsored service allows customers without Social Security numbers to wire money through the Fed system to Mexico's central bank at little cost. In September, the Fed expanded the remittance program by allowing immigrants, legal or not, to open accounts at participating banks and credit unions in the U.S. or Mexico. About 27,000 transfers are made through the program each month.

Posted by Orrin Judd at February 26, 2007 7:44 AM
Comments

I think I see a way to augment Cayman Islands bank accounts without having to sneak 100 dollar bills through security checkpoints anymore. And if I can, so can the professionals.

Posted by: Raoul Ortega at February 26, 2007 10:50 AM

Raoul, why do you have to smuggle money through security checkpoints? Since when is it illegal to have your own money in your possession.

Posted by: erp at February 26, 2007 4:59 PM
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