International money fees need regulating

Over and again, we see that the generosity of individuals far outweigh that of states.

While governments are often miserly in their support of the world’s desperate poor, relatives of those poor send staggering amounts of money home.

Haitians living in North America sent home almost five times as much money as our own government to assist Haiti after the earthquake.  This generosity accounts for a third of Haiti’s GDP.

People likely believe that’s the way it should be; families helping one another is a reasonable expectation.

But  transactions have to go through financial institutions, which can charge fees up to 20 per cent of the value of the transaction. This is a terrible tax on the poor.

How would most Canadians feel if their banks charged them a 20 per cent fee to send a cheque home to mom, or to give to an overseas charity?

Some institutions like Haiti’s Fonkoze have found that a transfer can be done for a five per cent fee and still provide reasonable profits.

Canadians regulate our financial industry to protect local consumer interests, and yet we allow some banks to charge usurious fees on what amounts to foreign aid.

These transfer fees must be regulated. It is patently immoral that we allow our financial institutions to skim so much wealth intended for the world’s poorest.

Nathaniel Poole

Victoria

Just Posted

Victoria City Council approves inclusionary housing policy

After years of back and forth, the policy will be ratified in two weeks

Filipino Heritage Month event takes over Centennial Square

Dancing, music and food highlight Mabuhay Day celebration in Victoria

West Shore residents report finding anti-SOGI 123 flyers in mailboxes

SD62 trustee Ravi Parmar says the flyers are ‘garbage’

Saanich woman runs marathons to make dreams come true

Hempler gutted her way through 122 kms with minimal breaks, to support Help Fill a Dream Foundation

Victoria Weekender: What’s happening this weekend, June 15-16

Car Free YYJ, a barber battle and an Outdoor Discovery Day

Bombers down B.C. Lions 33-23 in season opener

Former Lion Andrew Harris leads Winnipeg with 148 rushing yards

Northern B.C. family remembers murdered Indigenous woman with memorial walk

Still no closure for Ramona Wilson’s family 25 years later

Homalco tour gives glimpse into area’s ‘People, Land, Water’

First Nation business mixes cultural components with wildlife excursions

Monkey spotted on late-night jaunt in Campbell River

Conservation officers also apparently looking for cougar in the area

B.C. university to offer mentorship program for former youth in care

Students using the provincial tuition waiver program will soon be able to form a community at KPU

Cyclists competing in one of the toughest bike races on the planet pass through Fernie

Divide riders looking strong as they finish first leg of 4160 km race

You might not know these B.C. records are public

Hired a lawyer to file a civil claim? Those are published online

B.C. bus driver loses case to get job back after texting while driving full bus

An arbitator ruled that Tim Wesman’s phone usage was a “a reckless disregard for public safety”

Most Read