DMA Global Commits to Advocating for Price Transparency for International Day of Family Remittances

Here at DMA Global, we are committed to ensuring families can take the guesswork out of remitting money. As people who use remittance services and experts in the field of remittances, we are all too familiar with the frustration of trying to send money but having to jump through hoops to find out the exchange rate or fee being charged. These types of obstacles also discourage people from trying out formal and digital remittance channels. We’ve worked hard to combat this through our past and current projects, specifically the work we’ve done through Remittances Prices Worldwide, Send Money Pacific and SaverAsia.  

International Day of Family Remittances Banner 2021

This International Day of Family Remittances, DMA Global is taking that commitment further and we will be spending the next year advocating for full price transparency from money transfer operators. Families deserve to know the full cost of the services they are using; not just the fee, but also the FX rate and all other charges, such as cash-out fees, before committing to making the transfer. Our commitment is in line with The General Principles for International Remittances, Principle number 1: Transparency and Consumer Protection. Past studies have also shown that providing disclosures is beneficial to both customers and businesses.  

Over the coming months, DMA Global will be putting our commitment into action by advocating for full price transparency from market operators.  

  1. Asking remittance service providers (RSPs) to pledge to ensure full transparency in their remittance prices, meaning they are committing to sharing fee, FX rate and other relevant fees with customers (including potential customers) before the customer initiates a transfer.   

  2. Working with donor agencies and trade bodies to advocate for RSPs to join the pledge and continuing to support independent price comparison tools.   

  3. Creating an up-to-date list of RSPs that are transparent in their prices.

  4. Developing guidance for RSPs that will be free and publicly available on how to increase price transparency in their businesses, online and in- person.  

  5. On IDFR 2022, DMA Global will work with our donor partners to give awards for excellence to the most transparent RSPs across the globe. 

More information will be forthcoming as we work towards enacting the above stated goals.