Money train runs from here to Mexico - remittances from Madison, Wisconsin

For an immigrant community that isn’t always comfortable with traditional banks, these transactions — known as remittances — are more likely to be done in places like La Concha, or in tiny grocery stores, travel agencies, video shops and beauty salons tucked away in strip malls, with signs on the windows that advertise “Envios de dinero,” or money transfers.

La Concha owner Tomas Ballesta, whose money-wiring business is one of the largest in the state, said he processes about 150 of these transactions on an average day; on a busy day, there might be 250. He collects a fee per transaction, typically between $8 and $10 for transfers under $1,500. Part of that is his commission; the rest covers fees charged by the wire transfer company.

Customers also pay a currency exchange fee to the wiring company, typically about 2 percent. Those picking up the money on the other end are generally not charged any fees.”*

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