Regulation Of Money Remittances – Gaining Traction?

One of the proposals announced in the federal budget last week was the introduction of measures to help ensure Canadians have access to safe, reliable and lower-cost remittance services. Recognizing that international remittances are critical to many Canadians who provide financial support to their families abroad, the proposed measures included establishing a remittance price comparison website that will increase fee transparency. While no specific regulation was proposed, the government stated its intention to work with financial institutions to evaluate possible opportunities to expand access to lower-cost remittance services.

The budget announcement followed the recent introduction of three private members' bills dealing with the regulation of money remittances: