Fxcompared (previously Send Money Home)
- Responsible Organisations: UK Department for International Development (Government); Fxcompared.com (Civil society)
- ILO Regions: Africa; Americas; Arab States; Asia and the Pacific; Europe and Central Asia; Global
- Country(ies): Global coverage; United Kingdom
- Thematic areas: Migration and development; Protection
- MLFLM: 15.; 8.; 9.(a),(b),(c); 11.
Description
The website Sendmoneyhome.org was launched with the UK Department for International Development (DFID) in March 2005, with the objective of reducing money transfer costs by creating competition among service providers. The initiative formed part of a response to the findings of a DFID survey on remittance services available to immigrants in the United Kingdom. Sendmoneyhome.org has now become an independent and free money transfer comparison site (www.fxcompared.com), and was expanded to include information on money transfer services in over 80 countries. Users select the destination and origin countries and the amount they wish to send. If services are available, a list of providers, along with the exchange rate, fee, speed and other information appears. The site provides migrant and expat workers with more control over how much and when they will remit money, as well as guarantees that a higher proportion of the amount remitted will reach recipients. In October 2014, FXcompared Intelligence was launched to provide more detailed money transfer research and to increase transparency of the sector. Over USD 900 million worth of transfers have been made by FXcompared users so far.
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