Bank fees ‘killing’ migrant workers: ACORN
‘We’re trying to end this predatory practise by the banks and financial agencies’
Published March 3, 2011 by Trevor Scott Howell in News
An international community-based, low-income advocacy organization is calling on the Canadian government to regulate the “predatory” remittance industry.
The Association of Community Organizations for Reform Now (ACORN) says the unregulated practise of charging up to 50 per cent for money transfers — a $400-billion industry according to the World Bank — is punishing migrant workers and immigrants, many of whom send money to their families back home.
“The remittance fee is killing us,” says Kay Bisnath, president of ACORN International. “Migrant workers’ and immigrants’ families depend on the money that their loved ones in Canada and around the world send to their homeland.”
Bisnath says banks and money transfer businesses can charge as much as 50 per cent in remittance fees. A migrant worker sending $100 to their family can be charged between $32 and $35 through the TD Bank, says Bisnath. “When you have to pay all these remittance fees, what are the loved ones left with?”
ACORN is calling for the Canadian government to limit the amount banks and financial institutions can charge to five per cent.
“We’re trying to end this predatory practise by the banks and financial agencies,” says Bisnath.