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Filipino and other Remittance Providers in Australia to be closed on 24 November 2014

Major banks in Australia plans to shut all remitter accounts by Monday 24 November 2014.

This news is now circulating in Facebook. At first, I found it to be a hoax only but a friend shared to me a page or website from a Filipino remittance company (https://www.forexworld.com.au) which also says the same.

For many Australians, the low-cost and fast money transfer services provided by registered remitters is the only way they can send essential funds home safely and securely. These funds are considered a lifeline to the many communities that depend on them.

Hundreds of migrant communities across Australia will lose their ability to send money home to family and friends if banks continue their plans to close the accounts of remitters. The last of the major banks plans to shut all remitter accounts by Monday 24 November 2014.

Without bank accounts in Australia, remitters cannot complete the transfer of their customers’ funds to destination countries, which means that millions of Australians will no longer be able to support their families and communities overseas.

If you normally send money to The Philippines, Vietnam, Nepal, India, Bangladesh, Pakistan, Fiji, Samoa, Somalia, Colombia, Peru and many other countries, your service will soon be affected.

The Australian Remittance and Currency Providers Association has been set up to save these critical registered remittance services, and give a voice to the local communities who use them.

Why you need to act NOW:

You will no longer be able to use your local remitter to transfer much-need funds to your family and friends overseas.

You will be left with two, less than ideal options to send money:

• Use an unregistered and unregulated remitter – they will not be able to provide you with the confidence or guarantee that your funds will reach the beneficiary

• Use a bank with its associated fees and exchange rates, and limited delivery options

Add your name to the petition to voice your concern. Ensure the survival of Australian remittance service providers so you can continue to use secure, low-cost and fast money transfer services.

Help save the remittance services by signing the petition here.



See also Sending Money Internationally via WorldRemit
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Comments

  1. ozbiyaheroNovember 11, 2014 at 9:59 AM

    Related news - http://blogs.worldbank.org/peoplemove/closing-bank-accounts-money-transfer-operators-mtos-raising-remittance-costs

    ReplyDelete
  2. ozbiyaheroNovember 11, 2014 at 10:02 AM

    Renewed focus on Anti Money Laundering and Combatting the Financing of Terrorism (AML-CFT) regulations in Australia, the UK, and in the USA are impacting banks and MTOs.

    ReplyDelete

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