The campaign will work towards building a coalition of businesses, consumers, organizations and government leaders that are passionate about making international finance fairer. We hope that this coalition will grow into an independent movement of people and organizations that are committed to bringing transparency to this industry, and to achieving the UN Sustainable Development Goal of a 3% reduction in remittance prices by 2030.
Who’s getting hit the hardest?
Most people are unaware of what they’re actually paying to send, spend, or receive money internationally. That’s because banks intentionally mislead consumers on exchange rates. They often advertise “$0 fee” or “no fee”, while setting their own currency conversion rates and pocketing huge profits.
The average global remittance cost is 7%. The World Bank agrees “the single most important factor leading to high remittance prices is a lack of transparency in the market”. Without transparency, there isn’t enough competition to drive fees and markups down.
We’re working hard to bring more transparency and fairness to international payments. But we can’t do it alone.
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