RemittancesGateway.org

Free Online Tool Empowers Senders of Remittances

Friday, 03 February 2012 16:04

Source: IDB

CEMLA, MIF/IDB and World Bank Launch enviacentroamerica.org To Make Costs and Conditions of Remittances More Transparent

The Center for Latin American Monetary Studies (CEMLA, for its initials in Spanish), the Multilateral Investment Fund (MIF), a member of Inter-American Development Bank (IDB), and the World Bank today launched enviacentroamerica.org, a free online tool to compare and make transparent the costs of remittances from the United States to six Central American countries and the Dominican Republic.

The web site provides detailed and updated monthly information on how much it costs to send money from the U.S. to Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Dominican Republic. Costs are calculated based on amounts of $200 and $500.

Read more: Free Online Tool Empowers Senders of Remittances

Republicans Said to Focus on Cost of U.S. Consumer Bureau Rules

Tuesday, 31 January 2012 17:45

Source: Bloomberg
By: Phil Mattingly and Carter Dougherty

Republican lawmakers may escalate their criticism of the U.S. Consumer Financial Protection Bureau over estimates that its first rule would require nearly 7.7 million employee hours of work to comply.

Republican senators will raise the issue on the impact of a proposed rule regulating international remittances when Richard Cordray, the consumer bureau’s director, testifies today in front of the Senate Banking Committee, according to three senior Senate Republican aides.

Read more: Republicans Said to Focus on Cost of U.S. Consumer Bureau Rules

Kenyan remittances up 39 percent in 2011

Monday, 30 January 2012 09:56

Source: Reuters

Kenyans abroad sent home $85.2 million in December, the highest for any month in 2011, pushing remittances for the year to a record $891 million, up 39 percent from 2010, the central bank said on Monday.

Remittances are the fourth-largest source of foreign exchange in east Africa's biggest economy after revenue from tea, horticulture and tourism.

[See Kenya country profile]

US: New international money transfer rules clear cut

Monday, 23 January 2012 16:29

Source: Houston Chronicle (from AP)

Customers who send international money transfers will soon be entitled to clearer cost disclosures.

The Consumer Financial Protection Bureau last week issued new rules governing remittances, which are often used by immigrants to send money to family back home.

The rules also require companies to disclose any fees, the exchange rate and the amount that will ultimately be paid out to the recipient in local currency. Companies will also be required to investigate disputes and to give customers at least 30 minutes to cancel a transaction.

Read more: US: New international money transfer rules clear cut