WORLD UPDATE

MADISON, Wis.-The number of countries in which members can use their credit unions to send money to family members has increased significantly to 41, following a new agreement between the World Council of Credit Unions (WOCCU) and Vigo Remittance Corp., New York. The expansion is being made to the International Remittance Network (IRnet), which had been limited to Mexico, El Salvador and Guatemala. The goal is to eventually expand to the 85 countries with which WOCCU has a relationship. IRnet allows members to transfer funds through credit unions at fees significantly below those of other providers. Vigo has negotiated low-cost fee structures for each country. In Mexico, for instance, the fee is $8 for the first $1,000 transferred. According to WOCCU, Vigo typically adds a 3.5% premium over the interbank rate vs. what Western Union charges, which can be as high as a 20% premium. Senders are also being offered a free three-minute phone call to notify the recipient of the transfer. According to the U.S. Treasury, approximately $11 billion is transferred from the U.S. to other countries each year in such remittances.

Headed To Europe In 2001

MADISON, Wis.-The World Council of Credit Unions (WOCCU) will have a decidely European flavor at two meetings it has scheduled for 2001. WOCCU will hold its Internatinoal Conference & General Meeting in Killarney, Ireland June 1-4. It will host its Fifth Internatinal Credit Union Leadership Institute Aug. 19-22 in Paris. For info on both: www.woccu.org.

Two Dozen Make Donations

MADISON, Wis.-As reported first in The Journal, WOCCU has introduced a new program that allows invidual credit unions, associations and vendors to donate funds directly to the trade group. Called the WOCCU "Supporters Program" and introduced at the International Forum, the program had attracted more than two-dozen corporate and CU donations within 48 hours of being announced.

Just A Mouseclick Away

NASHVILLE, Tenn.-WOCCU President (chairman) Dennis Cutter told the meeting the world's CUs should leverage the Internet in order to exchange information with each other. "In the world today we're just a mouseclick away from each other. It is easier and faster and less expensive for us to share information."