A quarter of Massachusetts businesses do business outside of the United States.  However, there are many barriers to smooth transnational financial transactions, especially for smaller businesses conducting smaller transactions at branch locations of their financial institution.  These barriers may be a drain on economic growth and may prevent small businesses from fully participating in the global economy.  While federal regulations on international money transfers are beyond the scope of this recommendation, financial institutions need to improve services in order to facilitate international transactions, especially for small businesses.  

The barriers to international transactions may also prevent immigrants from fully participating in the region’s economy.  Current market research on immigrants challenges conventional wisdom about immigration. A new, transnational way of life is emerging that immigrants create for themselves. Many immigrants pursue financial and investment goals for themselves and their families in the United States, while at the same time planning or sustaining investment projects with family or business associates back home.

12.a    MAPC and allied organizations should investigate international money transfer as part of the “Immigrant Research Agenda”

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