Contents -- Foreword -- Acknowledgments -- Abbreviations and Acronyms -- Introduction and Objectives of the Study -- 1. The First Mile -- Serbian Diaspora in Germany -- Migration Flows from Yugoslavia to Germany -- How do Serbs Transfer Money Home? -- Who Are the Main Market Players in the Formal Remittance Corridor? -- Money Transfer Services Offered by Commercial Banks in Germany -- Products Available in the Marketplace -- 2. At the Intermediary Stage -- Remittance Fees in the Germany-Serbia Corridor -- Main Regulatory Requirements for Money Transfer Companies in Germany and Serbia -- Informal Fund Transfer Systems (IFTS) -- 3. The Last Mile -- The Data on Remittance Inflows -- Remittances and the Financial System -- Maximizing the Developmental Impact of Remittances in Serbia -- 4. Conclusions and Policy Recommendations -- Promoting More Competition -- Fostering the Use of Formal Remittance Channels -- Maximize Developmental Impact of Remittances -- Improving Data on Remittances -- Appendixes -- A: Key Characteristics of the Corridor -- B: Top 20 Remittance-receiving Countries as Share of GDP, 2004 -- C: Western Union Locations in Serbia -- Bibliography -- Map of Serbian Population in Germany and Driving Distances to Belgrade -- LIST OF TABLES -- Table 1 Serbs and Montenegrins Working in Germany, 2003 -- Table 2 Estimated Flow of Workers' Remittances from Germany to Serbia in 2004 -- Table 3 Overview of the German Banking Sector in 2003 -- Table 4 Fees for Transferring €300 Euros from Germany to Serbia Selected Products and Financial Institutions in 2005 -- Table 5 Remittances-Fees Paid by Recipients in Case of Immediate Withdrawal of Funds in Serbia -- Table 6 Fees for Sending €300 Euros from Germany to Select Non-EU Countries -- Table 7 Payment of Money Transfers into Serbia by Western Union in 2004.

Table A.1 The Germany-Serbia Remittance Corridor -- LIST OF FIGURES -- Figure 1 Sources of International Workers' Remittances in 2004 -- Figure 2 Foreign Population of Germany in 2003 -- Figure 3 Residence Status of Serbs in Germany -- Figure 4 Yugoslavian Workers in Germany (1965-2001) -- Figure 5 International Bus Terminal in Belgrade -- Figure 6 Total Inflow of Workers' Remittances to Serbia 2000-2004 (US million) -- Figure 7 Origin of Western Union's Inbound Money Transfers in 2004 -- Figure 8 Resident Deposits in the Serbian Banking System (in CSD million) -- Figure B.1 Top 20 Remittance-receiving Countries as Share of GDP, 2004 -- Figure C.1 Western Union's Coverage in Serbia and Montenegro -- LIST OF BOXES -- Box 1 SMART Padala: The World's First International Cash Remittance Service Using Mobile Phone -- Box 2 Remittances from Germany to Croatia Through Zagrebacka Bank -- Box 3 AML Regulation for Money Transmitters in Germany -- Box 4 Remittances Through Bus Drivers -- Box 5 FATF Special Recommendation IX:Cash Courier -- Box 6 Data Collection by the National Bank of Serbia -- Box 7 Housing Loans Using Remittances in Mexico and Peru.