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

Korea: Foreign remittance charges to be reined in

Monday, 30 January 2012 12:54

Source: The Hankyoreh
By: Lee Jae-myong, Staff Writer

Bankers Association working to make it easier for foreign workers to send money home

Park Byong-won, Chairman of Bankers Association, stated during his telephone interview with The Hankyoreh, “As foreign workers contribute significantly to the Korean economy, the Bankers Association is working to lower remittance charges as well as clear away other obstacles faced by foreign workers, in recognition of their contributions.”

Currently few banks, among them Korea Exchange Bank (KEB), have signed special agreements with overseas banks to provide discounts of up to 30% on some remittances. Now, the Association is working to expand these discounts to include all banks. In regards to this, officials from the Financial Supervisory Service and the Bankers Association stated, “We are working to not only to lower remittance charges, but also to devise detailed methods to allow foreigners to more easily use available banking services.”

Read more: Korea: Foreign remittance charges to be reined in

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

Western Union expanding Cuba remittance service

Monday, 12 December 2011 14:34

Source: Cuba Standard

By adding an electronic feature, Western Union Co. is expanding its Cuba service from a handful of approved agencies to most Western Union locations in the United States.

A new electronic affidavit feature allows customers to make a sworn statement to the U.S. government electronically from most agencies, replacing manual and fax paperwork verifications.

Read more: Western Union expanding Cuba remittance service

South Sudan launches new system for more accurate payments

Tuesday, 06 December 2011 12:56

Source: Making Finance Work for Africa 

A new system to modernise financial payments in South Sudan is to be introduced by the country's central bank.

A new system to modernise financial payments in South Sudan is to be introduced by the country's central bank.

The initiative was announced by Central Bank Governor Kornelio Koryom Mayiik, who explained the bank aims to raise the standard of the financial payments system so it is comparable to that used by other countries around the world, the Sudan Tribune reports.

Read more: South Sudan launches new system for more accurate payments

Can customers go cold turkey on cash?

Monday, 28 November 2011 18:01

Source: BBC

Consumers will not need any form of wallet to go shopping by 2016, the online payment firm Paypal says. But it is not the UK or the US that is leading the march to empty their pockets, it is Turkey, not known for its early adoption of new technology.

Read more: Can customers go cold turkey on cash?