CI Report: Consumers at risk when sending money overseas
By Consumers Union on Friday, January 13th, 2012
Our friends at Consumers International have just released a new report that aims to shed light on the complex issue of international “remittances,” or money transfers – a system that is costing consumers up to 20% of the money they send in charges.
Millions of consumers around the world transfer money to their friends and relatives abroad. The World Bank estimates that a total of $483 billion was sent via international money transfers in 2011. Many communities in developing countries rely on remittances sent home by migrant workers to meet basic needs. But average charges for this relatively simple transaction are unreasonably high, often 10 or 20%.
CI’s new report, The Remittances Game of Chance: playing with loaded dice? explores the background to these issues and set outs the case for bringing down costs through promoting effective competition in money-transfer markets.
To learn more about Consumers International, click here.