Sentence examples for remittance account from inspiring English sources

For instance, Wells Fargo offers a remittance account in the United States that allows an immigrant's family to draw money from a matching account offered by Bancomer in Mexico.

In the US, the Sunrise Community Banks based in Minnesota closed all Somali-American remittance accounts in 2011, following two high-profile prosecutions of Somali-Americans in the city.

That support is now threatened by banks closing their remittance accounts in great numbers for fear of prosecution.The importance of remittances to Somalia cannot be overstated, and banks and money-transfer operators must work with the agencies to ensure that regulations do not shut down this vital lifeline.

In 2014, trade accounted for about 45% of Bangladesh's GDP (about 55% for other low-middle-income countries) while remittance accounted for 8.7% of the GDP (only 1.5% for other low-middle-income countries).

John Byrne, former head of compliance at the American Bankers Association, recently told congressional committees that regulatory requirements for dealing even with legit money-transfer services had become so burdensome for banks that they were filing suspicious-activity reports at every turn and shutting down remittance accounts.

Remittances account for 50% of Somalia's gross national income.

Remittances account for at least one-fifth of Haiti's economy.

Remittances account for an estimated third of the gross national product.

Such remittances account for Mexico's second-largest source of foreign income, behind oil and gas exports.

Here are some more examples of places where remittances account for a big chunk of the economy.

In Lesotho, miners' remittances account for almost a tenth of GDP, although this wobbles with the gold price.