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Full Text of 'ROLE of U S CORRESPONDENT BANKING in  Form

Full Text of 'ROLE of U S CORRESPONDENT BANKING in Form

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foreign the free flow of currency across borders is given little thought but is a central aspect of daily life it allows for American tourists visiting Mexico to tip a tour guide in US Dollars while at the same time allowing a Mexican-American living in the United States to send needed funds back to his family in Mexico this is all made possible thanks to a network of cross-border transactions which together are known as correspondent banking correspondent banking requires an agreement between financial institutions in different countries that facilitate the exchange of paper money across borders for decades this system has allowed millions of American tourists Agricultural and seasonal workers household employees Mexican Hospitality workers and millions of other Mexican Americans providing their families with needed remittances either electronically or in cash to easily exchange US dollars for local currency and vice versa over the last 20 years critical policies such as the bank secr

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