Publication
The Remittances Game of Chance: playing with loaded dice?
10 Jan 2012
Millions of consumers around the world transfer money to their
friends and relatives abroad. The World Bank estimates that a total
of USD483 billion was sent 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.
Consumers face three key obstacles in relation to global money
transfers: a lack of real choice, opaque pricing and a lack of
accessible information. The report has indentified a number of
specific policy solutions to address these issues, focussed around
the following areas:
- Transparent pricing to enable consumers to
shop around for the best deal
- Promoting competition in the market to ensure
real choice for consumers
- Empowering consumers with the skills and
information to make informed choices
- Supporting financial inclusion for consumers
who send or receive remittances.
The global consumer movement promotes consumer rights on 15 March every year. See the action near you.
Go to WCRD 2012