New charter for international money transfers
Posted on 11 January 2008 by
People using money transfer services to send funds abroad will gain new safeguards, under a scheme revealed by the government.
International Development Minister Shahid Malik announced the customer charter, which commits firms to giving clear information in a standard format. The information includes details of the exact fees payable, how much money will be received, and how long the transfer will take.
Registration for the charter is voluntary, but the government says that more than half of the UK's money transfer organisations have signed up; a total of more than 18,000 outlets.
The charter's introduction follows the high-profile collapse last year of money transfer business First Solution, which left the firm's customers an estimated £1.7 million out-of-pocket. A deal has since been struck to refund customers more than £400,000 in total.
"The new charter will give more confidence to people sending money to loved ones abroad by providing better information and transparency," Shahid Malik said.
"By promoting competition and transparency in the remittances sector we ensure a better deal for consumers in the UK and their families, and also help the fight against poverty in the developing world."
The Department for International Development's SendMoneyHome website provides advice to those who need to transfer money abroad.
Post a Comment
Please keep your comments relevant. Charcol reserves the right to edit or delete comments.