Wednesday, 2 November 2011

Australia commits to cutting remittance costs

Australia is to spend more than £2 million over the next two years to make it cheaper for migrants from developing Commonwealth countries to send money home to their friends and families.

The £2.3 million package, which was revealed on Wednesday, will be used to help boost competition in the remittance service market, and reduce the often extortionate fees which are charged for transferring money abroad.
Money will also be focused on new technologies, including mobile banking services, which will help migrants to send remittances easily and at little expense.

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