The mayor said combining two major money-transfer operators in New York City could raise remittance fees and worsen service for people who rely on storefront transfers to send money to relatives in Latin America.
Those remittances total billions of dollars a year and are especially important for immigrants without traditional bank accounts; transfers have also been rising as some migrants send home more money ahead of possible deportation.
The $500 million deal was announced in August and is expected to close in mid-2026 if it wins approval from the Justice Department and state financial regulators.
If two money transfer giants merge, will sending money home become a luxury for immigrants?
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