Press Releases - Thu, 10 Jan 2008
Consumers sending money to family and friends overseas will gain new safeguards under a new customer charter for money transfer companies launched today by International Development Minister Shahid Malik.
People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries – a key source of overseas funds for many economies. Yet many find the process difficult and insecure.
Charges vary widely and the total cost to send £100 to some countries can range from less than £4 to as much as £40.According to research by the Department for International Development (DFID), the biggest worry for those sending money is whether it will arrive safely, followed by excessive charges and delays to relatives receiving the money. [Read more]
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