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Stop the rip-offs! 5% Cap on Remittance Fees!

Petsa at Oras

2009.07.22, 9:00 AM


We are conducting a Remittance Justice campaign to bring regulation and transparency to the rates Money Transfer Organizations charge on sending money overseas. This issue greatly impacts immigrant and new comer communities and we are hoping we will have your support in the regulation of Money Transfer Organization's and their rates.

ACORN Canada is the Association of Community Organizations for Reform Now, founded in 2004. We are a grassroots organization that is one of the country's most effective voices for low- and moderate-income Canadians.

As mentioned above, we are currently asking the government to regulate and cap the rates charged by money transfer organizations to individuals remitting funds internationally.

We are asking for your organization’s support by signing the petition for this on-going campaign that ACORN members around the world have launched to make remittances fair.

Banks and Money Transfer Organizations make more than $44 billion every year by charging predatory fees to people sending money to family overseas.

Please see attached campaign letter petition for further detail - to be sent back to campaigns@acorncanada.org .


"We often have no other choice," says Toronto ACORN member Ahmed Makhlouf. "Western Union is more convenient and faster than banks, especially when it is an urgent situation." Makhlouf believes the transfer fees charged are too high. "It's big money, a big fight."

These fees, running between 10%-20% in some cases, prey on the already vulnerable populations of low income families, new Canadians and those simply supporting loved ones living abroad.

Toronto ACORN is calling on Western Union to lower the fees - and for the Provincial Government to step in and regulate this industry. We see charges and fees on top of the World Bank's 5% fee recommendation as predatory, and as a result, are holding the provincial government accountable for this gouging of Ontario families and families in the developing world.

Quick Facts on Remittances

-The difference between what is paid in fees currently in Canada, and the amount that would be paid under the World Banks suggested fee structure is nearly $500 million per year.

-The World Bank estimates that more than $400 Billion (USD) is remitted annually, with 75% of this amount going from developed to developing countries.

-The World Bank estimates that the fees associated with this are $44.4 billion globally.

WHAT: Media event calling on Provincial Governments to regulate remittances fees at or below the the World Bank's recommended amount of 5% of money transferred.

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Pang-ekonomiyang sektor

Agriculture and horticulture workers, Occupations in services - Domestic work, Sales and service occupations - general, Trades, transport and equipment operators and related occupations - general, Natural resources, agriculture and related production occupations - general, Labourers in food, beverage and associated products processing, Dancers, and Iba

Mga Uri ng Nilalaman

Policy analysis

Target na mga grupo

Manggagawa (im) migrante, Mambabatas, Mamamahayag, Pampublikong Kamalayan, Mga unyon, and NGO / komunidad group / network ng pagkakaisa

Geographical kaugnayan

Canada, Ontario, Alberta, Manitoba, Quebec, British Columbia, Iba pang mga Lalawigan, Pederal, Nova Scotia, and National relevance