Sunday, 13 June 2010

France: Migrants' Remittances Are a Cash Cow

Immigrants in France send some eight billion euro (9.6 billion US dollars) a year back to their countries of origin, often paying exorbitant fees - though the French government has announced moves to lower tariffs.

Noting that remittances by migrants totaled more than the national development aid budget, French immigration minister Eric Besson endorsed an agreement Wednesday between money-transfer company MoneyGram International and local French firms.

The agreement aims to expand fund-transfer services to tobacco shops, the largest network of sales points in France that already sell such products as top-up cards for mobile phones and tickets for the bus and metro. Read more

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