Ontarians pay to send money overseas

Published on in Foreign Exchange News by

Jagmeet Singh A New Democrat MPP has introduced a private member’s bill that seeks to put a cap on the fees that money transfer agencies can charge Ontarians limiting the fees that Ontarians pay to send money overseas.

Jagmeet Singh says that Canada has many citizens and residents sending money to relatives abroad, but there are only a limited number of money transfer companies to work with and no limits on the fees they can be asked to pay.

It is estimated that people in Canada are paying fees of 15 or 20 per cent above the global-average of 10 per cent for such services making individuals that are sending money back to their loved ones are being charged more depending on the amount they send as there is no cap on charges.

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