Independent topical source of current affairs, opinion and issues, featuring stories making news in Canada from immigrants, newcomers, minorities & ethnic communities' point of view and interests.

Remittance Companies: Remittance Market and Service Fee

remittance companies: The same is true, she finds, of people she meets as a manager at the Immigrant Services Society of B.C. My experience with my clients and my coworkers, if they go to one institution, that's pretty much where they stay, according to The Chronicle Herald. However, the remittance market has changed significantly in recent years, so those looking to maximize the money they send home should shop around now more than ever. Because of convenience and my family over there already knows they're going to be receiving from this institution I don't shop around any more. Remittance companies make their money from a service fee they charge on each payment sent, usually a percentage of the amount transferred and an added cost baked into the exchange rate consumers pay. The World Bank estimates costs globally have dropped to an average of 7.09 per cent of money sent from 9.67 per cent in 2009, but still off its five per cent target. Increased competition from both traditional remittance companies and web-based startups has helped lower the cost of sending money abroad. ( As reported in the news.