International Development Minister Gareth Thomas, MP To Be Keynote Speaker Global Consumer Money Transfer Conference
Mr. Gareth Thomas, Parliamentary Under-Secretary for International Development will be the keynote speaker at the Global Consumer Money Transfer Conference on Monday 30th October Mandarin Oriental Hotel, Knightsbridge, London.
In his remarks, Mr. Thomas will refer to the first UK survey of money transfer products published by his ministry.
The survey entitled, “Sending Money Home” was commissioned to encourage competition among money transfer operators and to ensure openness and lower costs. In short a bid to encourage banks, building societies and money transfer operators to view the diaspora in the UK as an attractive market for not only remittance services but a whole range of financial products.
Mr. Thomas said,”We want to make remittances contribute more effectively to international development and make it easier and cheaper for people to send money home.”
The Send Money Home Survey focused on members of the Indian, Kenyan and Nigerian communities, but it is felt they are representative of a much more global experience.
The Survey found that speed and security of money transfers are the most important factors when sending money home.
UK based banks tend to be thought of as trustworthy, efficient and helpful but do not promote their money transfer services as freely as money transfer operators. Some banks in receiving countries do not have the same trust factor as money transfer operators.
In addition the following points came out of the survey:
• Money transfer operators are seen to be cheaper than banks and building societies. This is particularly the case for small amounts of money being sent.
• People feel that there are too many identifications requirements especially at banks and building societies.
• Experience through a money transfer operators is viewed as a more consistent and polished service with the added advantage of a wider distribution network at the receiving end.
• Money transfers via banks or building societies take too long
• Customer service tends to be better and indeed good at country-specific banks and money transfer operators.
• Money transfer operators tend to be more likely to be recommended than banks or building societies.
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