Resource Type: Fair Banking
This report describes some of the cultural and economic factors involved in the payment of remittances by immigrants in Metro Vancouver. With increasing immigration to the Metro Vancouver area, particularly by temporary foreign workers, remittances are both culturally and economically significant and represent important ties between nations and within transnational families. The fees charged for international money transfers are currently unregulated in Canada, and often represent a substantial cost to senders and recipients. The World Bank suggests that the cost of sending money (including fees and exchange rate premiums) should not exceed 5% of the money remitted. Many of the immigrants interviewed for this study pay much higher rates to send money.
Posted April 30, 2013