Remittances to Latin America, Caribbean Increased by Almost 10% in 2023

Western Union announced on Wednesday that they will be re-establishing their money transferring services between the United States and Cuba in a limited capacity. This is a representational image. (Credit: Alistair MacRobert/Unsplash.)

Remittances to Latin America and the Caribbean (LAC) are set to increased by 9.5% in 2023 according to a new report from the Inter-American Development Bank. In 2022, LAC countries generated $142.4 billion through remittances.

Remittances allow people in one country to send money to another person in a different country. In the U.S. and Latin America, this financial service has typically been used by immigrants to send money to their home countries.