Banks would lose presence in remittances due to tax

Rodolfo Sosa-Garcia, CEO of the New York-based consulting firm, said that while banks have reduced their fees, they often offer unreasonable exchange rates. Credit: AP

If the 3.5 percent tax on remittances is approved in the United States, banks would lose presence in money transfers because customers would seek refuge in digital platforms or applications specialized in these transactions, according to the economic consulting firm Galilei Consulting.