Aspen Principles for the Future of Remittances
Why Remittances Matter
Over the past decade, international remittances have become a crucial financial tool for millions of households in the United States and beyond. Often seen only in the context of supporting family abroad, they also play a significant role domestically, serving as a routine financial activity for working families, a first touchpoint with the formal financial system, and a catalyst for broader economic empowerment.
According to the World Bank, total remittances reached $905 billion worldwide in 2024. While India is the largest remittance-receiving country in the world, with inflows exceeding $129 billion from the US, the UK, the Gulf countries, and others, the U.S.–Mexico corridor alone accounts for more than $64 billion, making it the largest remittance corridor globally, and one of many routes that fuel education, health care, and small business growth in communities across the globe.
Remittances as Onramps to Financial Opportunity
Many unbanked and underbanked households in the U.S. rely on remittances as a routine financial activity — in fact, they are almost twice as likely to use them compared to banked households. This dependence highlights a major opportunity: remittances can act as an entry point to transaction and savings accounts, credit, insurance, and other financial services.
Yet significant barriers remain. Many services are costly or complex, and while digital platforms improve speed and affordability, not everyone has the skills or infrastructure to use them. For this reason, brick-and-mortar providers remain essential, even as digitization offers the greatest potential for expanding financial inclusion.
of U.S. households are unbanked (over 5.6 million).
of Latino households are unbanked (over twice the national average).
Unbanked households were almost twice as likely to send or receive international remittances (5.2%) as banked households (2.7%).
A Framework for Action
The Aspen Principles for the Future of Remittances provide actionable guidelines to expand financial access, empower consumers, and strengthen remittance systems in the United States and beyond. Developed with experts from finance, policy, advocacy, and philanthropy, these principles address the key challenges facing remittance users today.
Together, they offer a roadmap for policymakers, financial institutions, service providers, and community organizations to create a more inclusive and transparent ecosystem.
Introducing the Aspen Principles for the
Future of Remittances (FLOW)
Facilitate Access to Remittances
Ensure that everyone, regardless of income, location, nationality, or tech savviness, can send and receive money affordably and reliably.
Lead with Transparency
Give consumers clear, upfront information about costs, exchange rates, and transfer times so they can make informed choices.
Open Pathways to Financial Services
Use remittances as a bridge to savings, credit, insurance, and other financial tools that build long-term stability.
Work in Partnership Across Sectors
Foster collaboration between governments, financial institutions, and service providers to create a stronger and more inclusive system.
Access the Report
Download the complete Aspen Principles for the Future of Remittances to explore actionable steps that expand financial access, empower consumers, and strengthen remittance systems.
About Latinos & Society
The Aspen Institute Latinos and Society Program brings together leaders across sectors, ethnicities, and ideologies to co-create solutions that advance Latino mobility and build a more prosperous America for all. Through initiatives in business ownership, digital capacity, and leadership development, we help create intergenerational wealth and strengthen the U.S. economy.