Remittance news

Commonwealth Bank Exchange Rates – How do they compare?

We are starting a review of banks for sending money back to emerging markets and found this useful resource: CBA Exchange Rates Compared from the site Best Exchange Rates. Quoting from this article… The exchange rates for CBA foreign transfers are generally poor compared to using an FX specialist However for those interested in CBA currency exchange and buying foreign… Read more →

World Bank Remittance Prices Worldwide database

Each quarter the World Bank publishes data on how much it costs to send money home. The Remittance Prices Worldwide database monitors the cost of sending remittances in major international corridors, which includes 227 country corridors — 32 remittance sending countries to 89 remittance receiving countries. The international community, led by the World Bank, started working on reducing the cost… Read more →

World Bank predicts Global remittances rising to $608 billion in 2015

Officially recorded remittances by the World Bank to developing countries were $435 billion in 2014, an increase of 5 percent over 2013. The growth rate is substantially faster than the 3.4 percent growth recorded in 2013, driven largely by remittances to Asia and Latin America. Remittances to developing countries will continue climbing in the medium term, reaching an estimated $454… Read more →

How Overregulation Chokes the Flow of Remittances to Somalia and the Developing World

Roughly $1.3 billion in remittances flow to Somalia every year, at least a quarter of the country’s GDP. But harsh regulations in the West are making it ever more difficult for banks to work with money service businesses to send remittances to fragile, high-risk states, thus threatening to cut off this vital flow of money. The latest blow came in… Read more →