uesday, 16 September 2008
According to reports from Bangladesh Bank, remittances from expatriate Bangladeshis have fallen by about Taka 600 crorer between July and August this year. The key reason cited for such a drastic fall, in remittances, is the unrest created centering Bangladeshi workers in Kuwait and Saudi Arabia over the last few months which led to the expulsion of some 1500 Bangladeshi workers from these two countries. Although the numbers expelled are not very significant yet it is a source of uncertainty and lack of confidence on the Government of Bangladesh to look after the interests of its own citizens working abroad . That uncertainty and lack of confidence is perhaps leading expatriate Bangladeshis to slow down on sending back home the money they usually send. [Read more]
Saturday, 20 September 2008
India: Citi and Andhra Bank enter remittance services alliance
Mumbai, Sept 17 (ANI/Business Wire India): Citi's Global Transaction Services has been appointed by Andhra Bank in India to provide a range of white-labeled global remittance services.
Under the mandate, Andhra Bank will gain access to QuikRemit, Citi's white labeled and customized remittance platform for banks, corporations and money transfer organizations, to enable end-to-end electronic remittance transfers between India and other global markets.
By white labeling Citi's QuikRemit platform, Andhra Bank can offer its clients a single solution whereby they can efficiently and securely remit money internationally to India.
To enable this process, Citi will also provide technology support for its global remittances solution. For Andhra Bank's international remittances business, Citi will also act correspondent bank and assist in clearing and collection of remittance flows. [Read more]
Under the mandate, Andhra Bank will gain access to QuikRemit, Citi's white labeled and customized remittance platform for banks, corporations and money transfer organizations, to enable end-to-end electronic remittance transfers between India and other global markets.
By white labeling Citi's QuikRemit platform, Andhra Bank can offer its clients a single solution whereby they can efficiently and securely remit money internationally to India.
To enable this process, Citi will also provide technology support for its global remittances solution. For Andhra Bank's international remittances business, Citi will also act correspondent bank and assist in clearing and collection of remittance flows. [Read more]
Thursday, 4 September 2008
Philippines: Dollar reserves to reach record on remittances
MANILA, Philippines - The Philippines’ foreign exchange reserves are expected to reach record levels next year, buttressed by the surge in funds sent home by Filipinos working overseas.
However, the increase may be unable to further strengthen the country’s financial standing once these funds are used to pay for imported oil and raw materials, prices of which continue to rise.
Projected to reach $40 billion by 2009—approximately $3 billion more than the amount expected this year—the country’s dollar reserves may be unable to improve the Philippines’ balance of payments (BOP).
After paying for its imports, Manila ended up with a surplus of $8.6 billion last year. This year, monetary officials see a BOP surplus of $2.5 billion, roughly the same amount expected next year. [Read more]
However, the increase may be unable to further strengthen the country’s financial standing once these funds are used to pay for imported oil and raw materials, prices of which continue to rise.
Projected to reach $40 billion by 2009—approximately $3 billion more than the amount expected this year—the country’s dollar reserves may be unable to improve the Philippines’ balance of payments (BOP).
After paying for its imports, Manila ended up with a surplus of $8.6 billion last year. This year, monetary officials see a BOP surplus of $2.5 billion, roughly the same amount expected next year. [Read more]
Remittance Trends in Canada
Recently new government data showed that about 4 in 10 Canadians wire money back home to family and/or friends. The majority of these funds are going to the Philippines and Haiti.
Of the immigrants who entered Canada during 2000-2001, 41 percent say they have sent money at least once in their first your years, according to Canadian statistics. The average amount sent was $2,500 within the first two years and $2,900 within 2-4 years.
This government data, the first to measure the activity of remittances in Canada, comes just as remittances are flourishing across the globe. For countries such as Lesotho, Haiti, and Jordan remittances comprise almost one-third of the gross domestic product. Other countries include Jamaica, the Philippines, and the Dominican Republic, according to the World Bank Figures. [Read more]
Of the immigrants who entered Canada during 2000-2001, 41 percent say they have sent money at least once in their first your years, according to Canadian statistics. The average amount sent was $2,500 within the first two years and $2,900 within 2-4 years.
This government data, the first to measure the activity of remittances in Canada, comes just as remittances are flourishing across the globe. For countries such as Lesotho, Haiti, and Jordan remittances comprise almost one-third of the gross domestic product. Other countries include Jamaica, the Philippines, and the Dominican Republic, according to the World Bank Figures. [Read more]
Tuesday, 2 September 2008
Ghana immigrants rally to raise funds to send dead home
ATLANTIC CITY - Funerals in the West African country of Ghana are loud and lavish and steeped in tradition. The people revere their dead, sometimes waiting months to finally inter a body. Funeral announcements are listed in newspapers under "homecomings."
When members of the Ghanaian Association of Atlantic City experience the death of another member, they come together to raise money for a funeral here, and then raise even more to send the body of the deceased back to Ghana.
"Should something happen to any of us, we can help one another," said Sharon Asamoah, the group's vice president. [Read more]
When members of the Ghanaian Association of Atlantic City experience the death of another member, they come together to raise money for a funeral here, and then raise even more to send the body of the deceased back to Ghana.
"Should something happen to any of us, we can help one another," said Sharon Asamoah, the group's vice president. [Read more]
Ghana immigrants rally to raise funds to send dead home
ATLANTIC CITY - Funerals in the West African country of Ghana are loud and lavish and steeped in tradition. The people revere their dead, sometimes waiting months to finally inter a body. Funeral announcements are listed in newspapers under "homecomings."
When members of the Ghanaian Association of Atlantic City experience the death of another member, they come together to raise money for a funeral here, and then raise even more to send the body of the deceased back to Ghana.
"Should something happen to any of us, we can help one another," said Sharon Asamoah, the group's vice president. [Read more]
When members of the Ghanaian Association of Atlantic City experience the death of another member, they come together to raise money for a funeral here, and then raise even more to send the body of the deceased back to Ghana.
"Should something happen to any of us, we can help one another," said Sharon Asamoah, the group's vice president. [Read more]
Mexicans sending home less money
The slowing of the US economy and the fall in the dollar has led to a sharp drop in the amount of money that Mexicans are sending home.
Remittances suffered their sharpest fall on record, down by 6.9% in July compared to the same month year before, according to Mexico's central bank.
This money is the country's second largest legal source of foreign income after oil revenues.
Over 20% of Mexican migrants work in the troubled US construction industry.
The Director of Economic Measurement for Mexico's Central bank, Jesus Cervantes, said that the job situation for Mexicans working in the US had become more complicated since the US mortgage crisis.
Families in Mexico who depend on the income sent to them from workers abroad are also suffering from the unfavourable exchange rate of the Mexican peso against the US dollar - with the US dollar falling 8% this year. [Read more]
Mexican Remittance Registers 6.9 Percent Decline In July
September 2, 2008 8:04 a.m. EST
Vittorio Hernandez - AHN News Writer
Mexico City, Mexico (AHN) - The economic slowdown in the U.S. and the weakening of the dollar caused a 6.9 percent decline in the amount of remittances Mexican migrant workers sent back home in July.
Jesus Cervantes, director of economic measurement for the Mexican Central Bank, said the July remittance dip is the largest experienced by Mexico, which considers money sent by migrant workers overseas as the second biggest source of foreign money next to oil.
At least 20 percent of Mexican migrants are employed in the U.S. construction industry.
This is the second straight month the Mexican remittances slipped. In June, remittance went down 2.2 percent. The 6.9 percent drop is more than double previous forecast of Mexican remittances dipping by 3 percent this year. Source
Vittorio Hernandez - AHN News Writer
Mexico City, Mexico (AHN) - The economic slowdown in the U.S. and the weakening of the dollar caused a 6.9 percent decline in the amount of remittances Mexican migrant workers sent back home in July.
Jesus Cervantes, director of economic measurement for the Mexican Central Bank, said the July remittance dip is the largest experienced by Mexico, which considers money sent by migrant workers overseas as the second biggest source of foreign money next to oil.
At least 20 percent of Mexican migrants are employed in the U.S. construction industry.
This is the second straight month the Mexican remittances slipped. In June, remittance went down 2.2 percent. The 6.9 percent drop is more than double previous forecast of Mexican remittances dipping by 3 percent this year. Source
Sunday, 31 August 2008
India: Karnataka Bank launches inward remittance facility
Mangalore, Aug. 21 Karnataka Bank Ltd has launched ‘Quikremit’, a Web-based inward remittance facility for NRIs residing in Canada, the UK and the US.
Quoting Mr P. Jayarama Bhat, Chief General Manager of the bank, a press release said here on Thursday that this product facilitates the quickest and cheapest mode of remittance.
For this purpose, the bank has tied up with Citibank. This product can be used to remit money to anyone in India.
The remittance gets credited to the beneficiary’s account within 48 hours of the transaction beginning. The remitter abroad can avail of this facility without visiting his bank and can do so by debit to his account or using credit/debit cards.
The entire transaction is completed online by just a few clicks of the mouse, it said. The bank hopes to tap new clients for business with this product. [Source]
Quoting Mr P. Jayarama Bhat, Chief General Manager of the bank, a press release said here on Thursday that this product facilitates the quickest and cheapest mode of remittance.
For this purpose, the bank has tied up with Citibank. This product can be used to remit money to anyone in India.
The remittance gets credited to the beneficiary’s account within 48 hours of the transaction beginning. The remitter abroad can avail of this facility without visiting his bank and can do so by debit to his account or using credit/debit cards.
The entire transaction is completed online by just a few clicks of the mouse, it said. The bank hopes to tap new clients for business with this product. [Source]
Uzbekistan: Ipak Yuli Bank joins Migom remittance system
28 August 2008, 09:10
CA-NEWS (UZ) - Ipak Yuli Bank has joined the international remittance system of Migom. Today, the bank operates seven international remittance systems - Anelik, MoneyGram, Bystraya Pochta, Unistream, Western Union, Contact, and Migom, reported Uzreport.
Migom is a system of international remittances for individuals that does not require the letter to open bank accounts. The system has been in operation since 2002, and is widely known in Russia and the CIS. The system has started to spread to other countries of the world. The total number of the system's service points exceeded 7,000 as of January 1 2008.
The arrival of the remittance takes about 5-10 minutes, and the commission charged for the transfer makes up 2-3% of the sum of the transfer. The beneficiary does not cover any of the costs.
Ipak Yuli Bank was founded on April 23 1990 and acts on the basis of the license of the Central Bank of the Republic of Uzbekistan No. 10 of January 25 003. In 2005 the bank integrated a new system of remittances, Bystraya Pochta.
In 2006 the bank signed a Loan Agreement with the Asian Development Bank on small and micro-financing and an agreement on the extension of a credit line with the Islamic Corporation for Private Sector Development. The same year Ipak Yuli received the certificate of excellence from the leading German Bank, Commerzbank for high level of payment automation within the SWIFT format.
In 2006 the Coordinator of the CEMEA region in London made a positive decision on the admission of the bank to Visa International system.
In 2007 a new banking product, Ipak Yuli Online was integrated. The product provides access to information on the bank account at any time of the day from any part of Uzbekistan, and an opportunity to make online payments.
Also this year the bank started to provide Western Union and Unistream international remittance services. [Source]
CA-NEWS (UZ) - Ipak Yuli Bank has joined the international remittance system of Migom. Today, the bank operates seven international remittance systems - Anelik, MoneyGram, Bystraya Pochta, Unistream, Western Union, Contact, and Migom, reported Uzreport.
Migom is a system of international remittances for individuals that does not require the letter to open bank accounts. The system has been in operation since 2002, and is widely known in Russia and the CIS. The system has started to spread to other countries of the world. The total number of the system's service points exceeded 7,000 as of January 1 2008.
The arrival of the remittance takes about 5-10 minutes, and the commission charged for the transfer makes up 2-3% of the sum of the transfer. The beneficiary does not cover any of the costs.
Ipak Yuli Bank was founded on April 23 1990 and acts on the basis of the license of the Central Bank of the Republic of Uzbekistan No. 10 of January 25 003. In 2005 the bank integrated a new system of remittances, Bystraya Pochta.
In 2006 the bank signed a Loan Agreement with the Asian Development Bank on small and micro-financing and an agreement on the extension of a credit line with the Islamic Corporation for Private Sector Development. The same year Ipak Yuli received the certificate of excellence from the leading German Bank, Commerzbank for high level of payment automation within the SWIFT format.
In 2006 the Coordinator of the CEMEA region in London made a positive decision on the admission of the bank to Visa International system.
In 2007 a new banking product, Ipak Yuli Online was integrated. The product provides access to information on the bank account at any time of the day from any part of Uzbekistan, and an opportunity to make online payments.
Also this year the bank started to provide Western Union and Unistream international remittance services. [Source]
Thursday, 28 August 2008
Ethiopia: Remittances reach one Bln USD
August 23, 2008
Muluken Yewondwossen
During the last fiscal year [July 07-July 08], Ethiopia earned one billion dollars from international remittances transferred from Ethiopian and foreign nationals. This exceeds by 367 million dollars the previous year’s remittances, according to a source within the National Bank of Ethiopia (NBE). In fiscal year 2006-07 the remittance was only 633 million dollars. The official report is expected at the end of August, added the source.
Of the total, 804 million dollars is sent to individuals while the balance is for organizations.
This year, Ethiopia generated 2.5 billion dollars in foreign exchange.
“The increase is the result of NBE’s directive issued in 2006 which allows money transfers,” stated the source.
The 2006 Remittance Service Providers (RSPs) directive indicated that users of this system can obtain information from access points such as bank branches, post offices and related organizations. The directive aims to improve the operations of the formal remittance service in Ethiopia, to reduce the costs of remittance transfer in Ethiopia and to increase access of international remittance service for nationals and make the service quick and reliable.
The major transfer types contained in international remittance transfer are personal transfer, funds for investment, international cash donations, deposit and service payments and temporary and permanent migrant transfers.
There are over 27 remittance service providers (RSPs) who work in collaboration with Ethiopian commercial banks. Source
Muluken Yewondwossen
During the last fiscal year [July 07-July 08], Ethiopia earned one billion dollars from international remittances transferred from Ethiopian and foreign nationals. This exceeds by 367 million dollars the previous year’s remittances, according to a source within the National Bank of Ethiopia (NBE). In fiscal year 2006-07 the remittance was only 633 million dollars. The official report is expected at the end of August, added the source.
Of the total, 804 million dollars is sent to individuals while the balance is for organizations.
This year, Ethiopia generated 2.5 billion dollars in foreign exchange.
“The increase is the result of NBE’s directive issued in 2006 which allows money transfers,” stated the source.
The 2006 Remittance Service Providers (RSPs) directive indicated that users of this system can obtain information from access points such as bank branches, post offices and related organizations. The directive aims to improve the operations of the formal remittance service in Ethiopia, to reduce the costs of remittance transfer in Ethiopia and to increase access of international remittance service for nationals and make the service quick and reliable.
The major transfer types contained in international remittance transfer are personal transfer, funds for investment, international cash donations, deposit and service payments and temporary and permanent migrant transfers.
There are over 27 remittance service providers (RSPs) who work in collaboration with Ethiopian commercial banks. Source
Remittance service launched by Correos
This week a new international express postal order service was introduced by the Spanish postal operator Correos to enable fast money transfers to Uruguay. Eventually the system will be implemented for money transfers to Chile and Morocco.
During the 24th Congress of the Postal Universal Union (UPU) that was held in Geneva the Correos and Uruguayan Mail entered into partnership to initiate the new remittance service. At the moment the international urgent postal order is already operative in 60 offices of the Uruguayan Mail. It means that now customers my transfer their funds back and forth within just 15 minutes at a significantly reduced cost as compared with that offered by other money transfer services.
Basically the new service leverages International Financial System (IFS), developed by the Center of Postal Technologies of the UPU to provide a trustworthy and sure network for the transference of money by electronic means between the postal operators.Source
During the 24th Congress of the Postal Universal Union (UPU) that was held in Geneva the Correos and Uruguayan Mail entered into partnership to initiate the new remittance service. At the moment the international urgent postal order is already operative in 60 offices of the Uruguayan Mail. It means that now customers my transfer their funds back and forth within just 15 minutes at a significantly reduced cost as compared with that offered by other money transfer services.
Basically the new service leverages International Financial System (IFS), developed by the Center of Postal Technologies of the UPU to provide a trustworthy and sure network for the transference of money by electronic means between the postal operators.Source
Tuesday, 26 August 2008
Banking on the 'unbanked'
Although near field communication-based contactless mobile payments are gaining traction in more developed markets, peer-to-peer m-payments such as mobile money transfer are an established and fast-growing fact of life in many developing economies.
Peer-to-peer money remittances enable an expatriated worker to send money across international borders to family or friends. According to the World Bank, 175 million migrant workers each year send billions worth of international remittances to family and friends, many of whom do not have bank accounts. Last year international remittances reached $318 billion, of which recorded remittances to developing countries exceed $240 billion, up from $221 billion in 2006 and more than double the level reached in 2002.
India, Mexico and China were the top three recipients of remittances last year, accounting for nearly one-third received by the developing countries. In India, the largest remittance-recipient, private current transfers grew by 30% in the first half of 2007.
Peer-to-peer money remittances enable an expatriated worker to send money across international borders to family or friends. According to the World Bank, 175 million migrant workers each year send billions worth of international remittances to family and friends, many of whom do not have bank accounts. Last year international remittances reached $318 billion, of which recorded remittances to developing countries exceed $240 billion, up from $221 billion in 2006 and more than double the level reached in 2002.
India, Mexico and China were the top three recipients of remittances last year, accounting for nearly one-third received by the developing countries. In India, the largest remittance-recipient, private current transfers grew by 30% in the first half of 2007.
Philippines: 'Malling' consumes shoppers in the Philippines
In the Philippines, "malling" has become a verb, the act of going to a shopping mall and whiling away the hours.
The Southeast Asian country has three of the world's 10 largest shopping centers, two of them in the capital, Manila. Scores of others, ranging from modern glass and steel structures to older, fading buildings, dot cities across the archipelago.
Although over 40 percent of the country's 90 million people live on $2 or less per day, malls here are crowded at all times, and especially packed at weekends.
Around 80 percent of the Philippines' population go to shopping centers and around 36 million people visit shopping plazas once or twice a month, according to Nielsen Media Research.
"People just come to the mall to stay cool, said Chris Balberona, a driver for a bank, who was at Manila's Megamall watching ice-skaters on an artificial rink. [Read more]
The Southeast Asian country has three of the world's 10 largest shopping centers, two of them in the capital, Manila. Scores of others, ranging from modern glass and steel structures to older, fading buildings, dot cities across the archipelago.
Although over 40 percent of the country's 90 million people live on $2 or less per day, malls here are crowded at all times, and especially packed at weekends.
Around 80 percent of the Philippines' population go to shopping centers and around 36 million people visit shopping plazas once or twice a month, according to Nielsen Media Research.
"People just come to the mall to stay cool, said Chris Balberona, a driver for a bank, who was at Manila's Megamall watching ice-skaters on an artificial rink. [Read more]
Rwanda: Banque De Kigali Waives Charges On Diaspora Money
(Kigali)
26 August 2008
Posted to the web 26 August 2008
David Mugalura
Kigali
The 2nd Rwanda Diaspora Business Expo ended on a good note on Sunday in London with Banque de Kigali (BK), waiving off Bank Charges involved in remittances of money from Rwandans in the UK and many other parts of the world.
This offer is also extended to the transfer of money from BK to other accounts held in different banks in the country. Medium businesses in export sectors such as handicrafts, coffee, tea and agro-processing stole the show this year.
Commercial Bank of Rwanda (BCR), Banque de Kigali and Capital Market Advisory Council were other Kigali based companies present. [Read more]
26 August 2008
Posted to the web 26 August 2008
David Mugalura
Kigali
The 2nd Rwanda Diaspora Business Expo ended on a good note on Sunday in London with Banque de Kigali (BK), waiving off Bank Charges involved in remittances of money from Rwandans in the UK and many other parts of the world.
This offer is also extended to the transfer of money from BK to other accounts held in different banks in the country. Medium businesses in export sectors such as handicrafts, coffee, tea and agro-processing stole the show this year.
Commercial Bank of Rwanda (BCR), Banque de Kigali and Capital Market Advisory Council were other Kigali based companies present. [Read more]
Pakistan: Govt plans to double remittances over next two years
6 August 2008
ISLAMABAD — The government is vigorously planning to double workers’ remittances over the next two years by stepping up manpower export and by strengthening banks to discourage ‘hundi’ business.
“It is not a very difficult task to double annual remittances from $6 billion to $12 billion in the next two years by increasing the number of manpower from 2,87,000 to half a million plus annually”, Dr Ghayyur Sabur, Chairman, Policy Planning Cell of the Ministry of Labour, Manpower and Overseas Pakistanis told this correspondent.
The government has prepared a migration policy which has been circulated to all relevant ministries, ministerial divisions and private sector organisations to considerably improve foreign exchange reserves. The new migration policy has also been submitted to the higher authorities for approval. It stipulates country-specific measures to increase manpower export to Saudi Arabia, Kuwait, the United Arab Emirates (UAE), Qatar and Bahrain, he said.
These five countries, he pointed out, have prepared plans of over one trillion dollars to develop new cities, oil cities, motorways, highways and mega malls for which they need huge manpower. These countries were in the process of awarding contracts for undertaking huge development activities in the region. “The initial contact made with these countries is very encouraging to send our increased manpower there”, he said. [Read more]
ISLAMABAD — The government is vigorously planning to double workers’ remittances over the next two years by stepping up manpower export and by strengthening banks to discourage ‘hundi’ business.
“It is not a very difficult task to double annual remittances from $6 billion to $12 billion in the next two years by increasing the number of manpower from 2,87,000 to half a million plus annually”, Dr Ghayyur Sabur, Chairman, Policy Planning Cell of the Ministry of Labour, Manpower and Overseas Pakistanis told this correspondent.
The government has prepared a migration policy which has been circulated to all relevant ministries, ministerial divisions and private sector organisations to considerably improve foreign exchange reserves. The new migration policy has also been submitted to the higher authorities for approval. It stipulates country-specific measures to increase manpower export to Saudi Arabia, Kuwait, the United Arab Emirates (UAE), Qatar and Bahrain, he said.
These five countries, he pointed out, have prepared plans of over one trillion dollars to develop new cities, oil cities, motorways, highways and mega malls for which they need huge manpower. These countries were in the process of awarding contracts for undertaking huge development activities in the region. “The initial contact made with these countries is very encouraging to send our increased manpower there”, he said. [Read more]
Home Remittances By Nigerians Abroad Rise to $17.9 Billion
Nigerians living abroad remitted the sum of US$17.9 billion back home last year (2007), compared to the $10.5 and $6.5billion they remitted in 2005 and 2006 respectively.
The Federal Government's Economic Management Team (EMT), which disclosed this in Lagos recently, attributed the rising remittances to the increased confidence in the economy. The committee said the economy was buoyant and now well-rated by international rating agencies.
"Both Fitch and Standard and Poor rating agencies have reaffirmed Nigeria 's overall rating at BB-and indicated the outlook to be stable," said Dr. Shamsudden Usman, Finance Minister and Chairman of the Economic Management Team. [Read more]
The Federal Government's Economic Management Team (EMT), which disclosed this in Lagos recently, attributed the rising remittances to the increased confidence in the economy. The committee said the economy was buoyant and now well-rated by international rating agencies.
"Both Fitch and Standard and Poor rating agencies have reaffirmed Nigeria 's overall rating at BB-and indicated the outlook to be stable," said Dr. Shamsudden Usman, Finance Minister and Chairman of the Economic Management Team. [Read more]
Armenia Bans Western Union Transfers Over Karabakh
By Hovannes Shoghikian
The Central Bank of Armenia (CBA) has banned the activities of the money transfer company Western Union following the latter’s decision to stop handling cash remittances to Nagorno-Karabakh taken under pressure from Azerbaijan.
The decision came just days after the Azerbaijani authorities ordered local commercial banks not to do business with Western Union and another world-famous company, MoneyGram, because they operate in Karabakh. Azerbaijan’s National Bank said on August 1 that any financial operations in “occupied Azerbaijani territories” are illegal.
In a statement on Monday, the CBA’s governing board condemned Western Union’s refusal to wire cash transfers to Karabakh through Armenian banks without a prior warning. It said the move “can harm the usual activity of the banks” and “influence the economic, financial and real sectors of the country’s economy.” [Read more]
The Central Bank of Armenia (CBA) has banned the activities of the money transfer company Western Union following the latter’s decision to stop handling cash remittances to Nagorno-Karabakh taken under pressure from Azerbaijan.
The decision came just days after the Azerbaijani authorities ordered local commercial banks not to do business with Western Union and another world-famous company, MoneyGram, because they operate in Karabakh. Azerbaijan’s National Bank said on August 1 that any financial operations in “occupied Azerbaijani territories” are illegal.
In a statement on Monday, the CBA’s governing board condemned Western Union’s refusal to wire cash transfers to Karabakh through Armenian banks without a prior warning. It said the move “can harm the usual activity of the banks” and “influence the economic, financial and real sectors of the country’s economy.” [Read more]
Pacific Islands: Relief from High Remittance Costs – Here Now!
Tuesday, 26 August 2008, 3:18 pm
Press Release: PanPac
Relief from High Remittance Costs – Here Now!
Prime Minister Helen Clark’s announcement at the Pacific Islands Forum, that regulatory changes were being considered to help lower the cost of remit fees to the Pacific Islands, has been met with interest by specialist fund transfer operator Pan Pacific Transfers Ltd.
The Government, in line with World Bank wishes, are aiming to reduce costs for migrant workers in NZ sending money back to the Islands.
In a statement issued by PanPac, GM Nick Lissette says they have “been there, done that” and already smashed the target set by the Government of 5 -7% fee per send by 2009. “We have already lowered the cost of remittances to Samoa by over 60% since entry into the market and are currently charging a NZ$9 transfer fee.” PanPac have also offered more competitive exchange rates than banks and, importantly, improved service delivery. [Read more]
Press Release: PanPac
Relief from High Remittance Costs – Here Now!
Prime Minister Helen Clark’s announcement at the Pacific Islands Forum, that regulatory changes were being considered to help lower the cost of remit fees to the Pacific Islands, has been met with interest by specialist fund transfer operator Pan Pacific Transfers Ltd.
The Government, in line with World Bank wishes, are aiming to reduce costs for migrant workers in NZ sending money back to the Islands.
In a statement issued by PanPac, GM Nick Lissette says they have “been there, done that” and already smashed the target set by the Government of 5 -7% fee per send by 2009. “We have already lowered the cost of remittances to Samoa by over 60% since entry into the market and are currently charging a NZ$9 transfer fee.” PanPac have also offered more competitive exchange rates than banks and, importantly, improved service delivery. [Read more]
Boom in remittances arouses Western Union
August 26, 2008
By Mzwandile Jacks
Nairobi - A surge in inward remittances from $344 million (R2.7 billion at yesterday's exchange rate) in 2000 to $735 million last year could have prompted Western Union, the global money transfer firm, to open operations in South Africa in partnership with Absa, said a source.
The source - who did not want to be identified because the partners were not prepared to disclose the details before the date of the formal announcement - said the rise in remittances made South Africa attractive, with many of its people migrating to the UK, US and Australia.
"Remember, the UK has been hiring … our skilled healthcare practitioners and the US had also taken some of our people," said the source. "Australia, of course, we know that it is a destination of choice for many South Africans who leave the country. These have left families and friends behind and they are sending money to them."
[Read more]
By Mzwandile Jacks
Nairobi - A surge in inward remittances from $344 million (R2.7 billion at yesterday's exchange rate) in 2000 to $735 million last year could have prompted Western Union, the global money transfer firm, to open operations in South Africa in partnership with Absa, said a source.
The source - who did not want to be identified because the partners were not prepared to disclose the details before the date of the formal announcement - said the rise in remittances made South Africa attractive, with many of its people migrating to the UK, US and Australia.
"Remember, the UK has been hiring … our skilled healthcare practitioners and the US had also taken some of our people," said the source. "Australia, of course, we know that it is a destination of choice for many South Africans who leave the country. These have left families and friends behind and they are sending money to them."
[Read more]
Sunday, 24 August 2008
Western Union, Smart launch mobile phone-enabled remittance service
GLOBAL remittance firm Western Union Co. has tied up with local wireless service provider Smart Communications Inc. for a mobile phone-enabled money remittance service for Filipinos living and working abroad.
In a statement over the weekend, Smart announced the launch of its Smart Money platform, a reloadable payment card linked to a mobile phone, for overseas Filipino workers in Hawaii and the United Arab Emirates (UAE).
The company said it would gradually roll out the service for other Filipino communities abroad.
"We are pleased to combine Western Union’s global reach with Smart’s active subscriber base to pilot a low-denomination mobile remittance channel," said Matt Dill, senior vice-president and head of Western Union Digital Ventures.
An estimated 160,000 Filipinos live and work in Hawaii and over 500,000 Filipinos are found in the UAE.
When fully launched, the company said the service would eventually benefit the over nine million Filipinos abroad. [Read more]
In a statement over the weekend, Smart announced the launch of its Smart Money platform, a reloadable payment card linked to a mobile phone, for overseas Filipino workers in Hawaii and the United Arab Emirates (UAE).
The company said it would gradually roll out the service for other Filipino communities abroad.
"We are pleased to combine Western Union’s global reach with Smart’s active subscriber base to pilot a low-denomination mobile remittance channel," said Matt Dill, senior vice-president and head of Western Union Digital Ventures.
An estimated 160,000 Filipinos live and work in Hawaii and over 500,000 Filipinos are found in the UAE.
When fully launched, the company said the service would eventually benefit the over nine million Filipinos abroad. [Read more]
Saturday, 23 August 2008
PAKISTAN: Rupee falls to record low, SBP pumps dollars
By Shahid Iqbal
KARACHI, Aug 22: Rupee fell steeply against the US dollar on Friday but recovered before the closing of the market, thanks to the State Bank of Pakistan which pumped millions of dollars to support the local currency.
The rupee fell twice to 77.20 against the dollar during the day which was a record low, but it recovered with the help of inflows and closed at Rs76.50.
Bankers said the State Bank finally entered the market to support the rupee facing frequent devaluation as it lost more than one-fifth of its value since the beginning of this year.
Bankers said the State Bank pumped at least $50 million through two large banks. However, currency dealers said it was the stuck-up dollar reserve which entered the market and the selling pressure slashed US currency.
The State Bank, which never accepts buying or selling of dollars, has been out of the market for more than six months.
It was mainly because of its depleting reserves which fell to half of what it was 10 months back. [Read more]
KARACHI, Aug 22: Rupee fell steeply against the US dollar on Friday but recovered before the closing of the market, thanks to the State Bank of Pakistan which pumped millions of dollars to support the local currency.
The rupee fell twice to 77.20 against the dollar during the day which was a record low, but it recovered with the help of inflows and closed at Rs76.50.
Bankers said the State Bank finally entered the market to support the rupee facing frequent devaluation as it lost more than one-fifth of its value since the beginning of this year.
Bankers said the State Bank pumped at least $50 million through two large banks. However, currency dealers said it was the stuck-up dollar reserve which entered the market and the selling pressure slashed US currency.
The State Bank, which never accepts buying or selling of dollars, has been out of the market for more than six months.
It was mainly because of its depleting reserves which fell to half of what it was 10 months back. [Read more]
Remittances Offer Promise of New Revenue and New Markets to Banks
Banks finally are developing standards and collaborating to capitalize on the $15 billion revenue opportunity presented by the growing workers’ remittances market.
By Orla O'Sullivan
Bank Systems & Technology
August 22, 2008
See related sidebar: ICICI Captures Top Share of Remittance Market by Catering to Migrant Workers' Diverse Requirements
It's a $430 billion market, and banks have finally decided they want a real part of it. About 40 percent of the global funds transmitted annually by migrant workers to their home countries emanate from the U.S., yet banks here process only about 3 percent of world remittances, according to SWIFT estimates. That's poor even compared with banks' overall poor share (30 percent or less) of the global remittance pie.
And the pie is growing -- by various estimates ranging from 8 percent to 30 percent a year -- as business goes ever more global. Today's 200 million migrant workers represent $15 billion in annual remittance revenue, SWIFT estimates.
That's an opportunity largely conceded to money transfer operators (MTOs), such as Englewood, Colo.-based Western Union (whose business actually is facilitated by banks, which allow their branches to be used as a distribution network for Western Union's profits). Telcos, credit card companies and PayPal are also said to be eyeing the remittance opportunity. [Read more]
By Orla O'Sullivan
Bank Systems & Technology
August 22, 2008
See related sidebar: ICICI Captures Top Share of Remittance Market by Catering to Migrant Workers' Diverse Requirements
It's a $430 billion market, and banks have finally decided they want a real part of it. About 40 percent of the global funds transmitted annually by migrant workers to their home countries emanate from the U.S., yet banks here process only about 3 percent of world remittances, according to SWIFT estimates. That's poor even compared with banks' overall poor share (30 percent or less) of the global remittance pie.
And the pie is growing -- by various estimates ranging from 8 percent to 30 percent a year -- as business goes ever more global. Today's 200 million migrant workers represent $15 billion in annual remittance revenue, SWIFT estimates.
That's an opportunity largely conceded to money transfer operators (MTOs), such as Englewood, Colo.-based Western Union (whose business actually is facilitated by banks, which allow their branches to be used as a distribution network for Western Union's profits). Telcos, credit card companies and PayPal are also said to be eyeing the remittance opportunity. [Read more]
India Receives World's Largest Remittance Flows
Remittances – money sent home by immigrant workers abroad – are hugely beneficial to many countries across the world.India is the world’s top receiver of remittances. Flows into the country have grown dramatically in recent years, touching US$ 17.4 billion in 2003, up from some US$2 billion a year in the late 1980s.
Compiling the contributions of some 20 experts from different disciplines, Remittances: Development Impact and Future Prospects, edited by Samuel Munzele Maimbo and Dilip Ratha, discusses recent trends in remittance flows, and examines the key challenges countries face in harnessing these flows for development.
Remittances by international migrants to their home countries have grown dramatically in recent years. They are now the largest source of external finance for developing nations after foreign direct investment (FDI), even exceeding FDI in some. In others, they are greater than official development aid. [Read more]
Compiling the contributions of some 20 experts from different disciplines, Remittances: Development Impact and Future Prospects, edited by Samuel Munzele Maimbo and Dilip Ratha, discusses recent trends in remittance flows, and examines the key challenges countries face in harnessing these flows for development.
Remittances by international migrants to their home countries have grown dramatically in recent years. They are now the largest source of external finance for developing nations after foreign direct investment (FDI), even exceeding FDI in some. In others, they are greater than official development aid. [Read more]
Lebanon's remittance inflow reaches $5.5 billion in 2007 - report
By The Daily Star
Friday, August 22, 2008
Lebanon's remittance inflow reaches $5.5 billion in 2007 - report
BEIRUT: The World Bank indicated that inward remittance inflow into Lebanon reached $5.5 billion in 2007, up by 6.2 percent from $5.183 billion in 2006 and by 11.7 percent from $4.924 million in 2005, according to the 2008 edition of the "Migration and Remittances FactBook."
Bank Audi's Weekly Monitor, which published the report, said that the flow of remittances into the country has been on an upward trajectory from the year 2000 and until 2004. [Read more]
Friday, August 22, 2008
Lebanon's remittance inflow reaches $5.5 billion in 2007 - report
BEIRUT: The World Bank indicated that inward remittance inflow into Lebanon reached $5.5 billion in 2007, up by 6.2 percent from $5.183 billion in 2006 and by 11.7 percent from $4.924 million in 2005, according to the 2008 edition of the "Migration and Remittances FactBook."
Bank Audi's Weekly Monitor, which published the report, said that the flow of remittances into the country has been on an upward trajectory from the year 2000 and until 2004. [Read more]
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