Many Canadians are offering financial support to victims of the deadly Typhoon that struck the Philippines on November 8. Most recently, the Alberta government says it would match public donations up to a total of $500,000 to aid victims.
But Canadians who want to help family members by sending money transfers are faced with added costs. And though the fee to send a personal money transfer may only be a few dollars, it adds up and banks make millions in profit.
In fact, each year Canadians send $2 billion to the Philippines, reports thestar.com. As a result, banks generate an estimated $5.8 million every month in remittance fees.
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So in light of the recent tragedy, a Canadian investor activist group, Shareholder Association for Research and Education, is among one organization that’s calling for banks to stop charging these fees so that money can get to victims more quickly.