A member of our team, Hannelore, pointed me to a great new website: www.geldtransfair.de
The site – commissioned by the German Ministry of Economic Cooperation – compares the conditions for money transfers from Germany to developing nations. Its first version includes only six countries, but Geldtransfairs potential to lower transfer costs and thus fight poverty more effectively, is already apparent.
The comparision between commissions is interesting for betterplace as we are constantly searching for ways to lower the costs of the donation transfer. But transparency in this field is also extremely important for the many migrants living in Germany, who up to now, often have to pay high rates to banks or Western Union when sending remittances back home.
How indispensible these remittances are to the economic well-being of their home countries is evident from new studies which found that in 2006 alone migrants sent back 212 Billion Euro – nearly three times the amount of international aid payments.