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Exorbitant costs to send money to Caribbean is “wrong”- World Bank

Apr 14, 2014 News

 

The World Bank has voiced concern about what it described as the exorbitant cost of sending remittances to the Caribbean and other places, saying that forcing migrant workers to pay as much as US$50 to send US$200 is “wrong.”
The Washington-based financial institution said this is especially so when workers are “sending salaries they have earned in the hope of supporting their families back home.” It said US$200 often is a very significant sum for migrants’ family income.
“There was little price transparency and no global effort to address this problem until the World Bank helped form a coalition to monitor the process and create a ‘one-stop shop’ information system to help remittance-senders compare services and costs,” the statement said.
The World Bank said the high cost of transferring remittances internationally has typically been caused by a combination of obstacles in each local market, both in sending and receiving countries.
These include a lack of transparency and consumer protection, legal and regulatory obstacles, a lack of payment system infrastructures and access to payment systems, a weak market environment without a proper competition, and weak risk-management and governance practices.

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