Stiff competition among money transfer agents and the entry of players charging low fees brought the cost of money transfers down by as much as 35 percent, the Bangko Sentral ng Pilipinas said Tuesday.
Market leader Western Union cut its transaction charges by some 35 percent as a new breed of competitors started using mobile technology to their advantage, Bangko Sentral Deputy Gov. Nestor Espenilla Jr. said in an interview with reporters
Western Union is now charging clients as low as P65 per P1,000 of domestic remittances from more than P100, according to Espenilla. Read more
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