Friends and Family: Canadian Banks

Canadian banks: For at least some Canadian banks, those efforts to send cash from Canada to the Philippines promise to generate millions of dollars worth of profit, according to The Star. More from thestar.com: For victims of Typhoon Haiyan in the Philippines, money wired from friends and family abroad will be crucial as they struggle to repair lives blown apart by the deadly tropical cyclone. Every year, Canadians send $2 billion to the Philippines, according to World Bank estimates, and for each transaction, banks charge a so-called remittance fee to process the cash wire transfer. Canadian banks generate an estimated $5.8 million every month in remittance fees. (www.immigrantscanada.com). As reported in the news.