Bitcoin Forum
July 21, 2019, 03:30:04 AM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Remittance fees hurt Africans, says Comic Relief  (Read 1296 times)
Bit_Happy
Legendary
*
Offline Offline

Activity: 1960
Merit: 1020


A Great Time to Start Something!


View Profile
April 16, 2014, 11:53:09 PM
 #1

Communities in sub-Saharan Africa are being "hurt" by high fees charged by money transfer operators, charity Comic Relief has said.

Restricted competition has helped push up charges, according to research by the Overseas Development Institute (ODI).

Money transfer company Western Union said that fees were set according to factors such as local taxes.

The company "delivered much-needed services to individuals", it added.
'Duopoly'

The research found that average fees of 12% to send $200 (£119) were twice the global average.

Siddo Deva of Comic Relief said: "Imposing such high remittance fees from hard-earned income is hurting the African diaspora and, more importantly, their families and communities in the countries of origin."

Fees charged to Africans wishing to send money back amount to a "super-tax" that could be better spent on education or health, ODI said.

"Africans living abroad make huge sacrifices to support their families, yet face charges which are indefensible in an age of mobile banking and internet transfers," said Kevin Watkins, the report's co-author and ODI Director.
http://www.bbc.com/news/business-27046285

12% is way too high!
Sounds like a great chance to teach them about BTC.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1563679804
Hero Member
*
Offline Offline

Posts: 1563679804

View Profile Personal Message (Offline)

Ignore
1563679804
Reply with quote  #2

1563679804
Report to moderator
1563679804
Hero Member
*
Offline Offline

Posts: 1563679804

View Profile Personal Message (Offline)

Ignore
1563679804
Reply with quote  #2

1563679804
Report to moderator
counter
Hero Member
*****
Offline Offline

Activity: 798
Merit: 500


Time is on our side, yes it is!


View Profile
April 17, 2014, 06:45:17 PM
 #2

Great find!  Stories like this are an excellent way to get a better idea of areas and groups of people that need to be attracted to Bitcoin for lack of a better term.  +1 Bit_Happy
zimmah
Legendary
*
Offline Offline

Activity: 1106
Merit: 1005



View Profile
April 17, 2014, 09:18:18 PM
 #3

Ye, i wonder how long it will take for bitcoin to catch on there and put moneygram and amex out of their game.

12% fees is just theft, the poorest people in the world are often robbed the most.
bryant.coleman
Legendary
*
Online Online

Activity: 2156
Merit: 1022


LiveCoin - is a modern stock exchange


View Profile
April 18, 2014, 07:49:39 AM
 #4

Yes. 12% fee is outright robbery. That said, I have paid 10-12% for most of my money transfers using Western Union in the past. Add the currency exchange charges as well, and you will find this intolerable.

But I am glad that M-Pesa / Kipochi is helping a lot of Africans to escape this exploitative setup.

█████████▄           ▄█
▀██▄         ██
▀██▄    ▄▄ ██
▀███ ███ ██
█████████▄        ▀▀ ██
▀██▄      ▄▄ ██
▄█████████ ███ ██
▄██▀          ▀▀ ██
████
█▀            ▄▄ ██
▄██ ███ ██
▄██▀   ▀▀ ██
▄██▀        ██
███████████▀          ▀█




▄▄█
█████
█████
█████
█████
█████

█████

█████

█████


▄▄█
█████
█████
█████
█████
█████
█████
█████

█████

█████

█████
▄▄█
█████
█████
█████
█████
█████
█████
█████
█████
█████

█████

█████

█████
█▄           ▄█████████
██         ▄██▀
██ ▄▄    ▄██▀
██ ███ ███▀
██ ▀▀        ▄█████████
██ ▄▄      ▄██▀
██ ███ █████████▄
██ ▀▀          ▀██▄
██ ▄▄            ▀█████
██ ███ ██▄
██ ▀▀   ▀██▄
██        ▀██▄
█▀          ▀███████████
Bit_Happy
Legendary
*
Offline Offline

Activity: 1960
Merit: 1020


A Great Time to Start Something!


View Profile
April 25, 2014, 07:43:02 PM
 #5

Great find!  Stories like this are an excellent way to get a better idea of areas and groups of people that need to be attracted to Bitcoin for lack of a better term.  +1 Bit_Happy

Thanks counter  Smiley

Yes. 12% fee is outright robbery. That said, I have paid 10-12% for most of my money transfers using Western Union in the past. Add the currency exchange charges as well, and you will find this intolerable.

But I am glad that M-Pesa / Kipochi is helping a lot of Africans to escape this exploitative setup.

I've also used Western Union in the past, but it's been over 12 years, thank goodness.
BTC will make major progress in these areas, especially when people have even more places to spend/convert it.




bryant.coleman
Legendary
*
Online Online

Activity: 2156
Merit: 1022


LiveCoin - is a modern stock exchange


View Profile
April 26, 2014, 05:39:53 AM
 #6

I've also used Western Union in the past, but it's been over 12 years, thank goodness.
BTC will make major progress in these areas, especially when people have even more places to spend/convert it.

Unfortunately, I am still forced to use WU, although less frequently when compared to the past. Sending small (international) payments are such a headache with WU. There have been times when I paid more than 100% in fees.

█████████▄           ▄█
▀██▄         ██
▀██▄    ▄▄ ██
▀███ ███ ██
█████████▄        ▀▀ ██
▀██▄      ▄▄ ██
▄█████████ ███ ██
▄██▀          ▀▀ ██
████
█▀            ▄▄ ██
▄██ ███ ██
▄██▀   ▀▀ ██
▄██▀        ██
███████████▀          ▀█




▄▄█
█████
█████
█████
█████
█████

█████

█████

█████


▄▄█
█████
█████
█████
█████
█████
█████
█████

█████

█████

█████
▄▄█
█████
█████
█████
█████
█████
█████
█████
█████
█████

█████

█████

█████
█▄           ▄█████████
██         ▄██▀
██ ▄▄    ▄██▀
██ ███ ███▀
██ ▀▀        ▄█████████
██ ▄▄      ▄██▀
██ ███ █████████▄
██ ▀▀          ▀██▄
██ ▄▄            ▀█████
██ ███ ██▄
██ ▀▀   ▀██▄
██        ▀██▄
█▀          ▀███████████
yayayo
Legendary
*
Offline Offline

Activity: 1092
Merit: 1008



View Profile
April 26, 2014, 02:59:43 PM
 #7

Despite the high fees the service is still used. The reason is simple: Lack of competition.

But in order that bitcoin can help with this issue, bitcoin companies must provide a practical, low-tech method for handling the funds in the receiving country. In person or simple mobile sms-service would be the method of choice.

Kipochi at this stage is simply not suitable for the mass market, because it requires a smartphone with internet access.

ya.ya.yo!
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!