JIS News

A ‘Sending Money Home?’ Jamaica leaflet, which provides information on money transfers from the United Kingdom to the island, was launched on Thursday (Dec.15) at the High Commission in London.The leaflet, prepared by Profile Business Intelligence, came out of a survey financed by the British Government through the Department for International Development (DFID).
Managing Director of Profile Business, Atam Sandhu said the leaflet provided crucial information to those sending and receiving remittances. “The leaflets contains information on money transfer providers, their fees, the speed of transfers, identification requirements, all the facts that affects people’s decision in sending money home,” he explained.
He noted that the information would increase transparency and encourage competition among money transfer providers.
In her remarks, High Commissioner, Gail Mathurin, said that remittances played a crucial role in the Jamaican economy and as the importance of the Jamaican Diaspora grew, it was essential that money was transferred in a secure, cost effective and expedient manner.
“While large-scale emigration can often be seen as a double-edged sword, the figures and the amount of money that the Diaspora community bring back into the country suggest an entirely different story,” Miss Mathurin said, noting that money remitted from overseas has had a big impact on the Jamaican economy.
“Data from the Bank of Jamaica tells us that remittances from overseas make up 10 per cent of Jamaica’s GDP (gross domestic product) and is equal to 173 per cent of foreign direct investment. This money comes from the estimated 1.7 million Jamaicans that the Ministry of Foreign Affairs believes are living outside of Jamaica,” she said further.
Meanwhile, Sarah Dunn, Senior Policy Advisor, DFID Caribbean, explained that the Sending Money Home? project was aimed at removing barriers to the flow of money transfers from the UK, to lower costs and to make the process easier.
She informed that the project was initiated after a report from the DFID’s UK remittances working group concluded that there was a lack of information on money transfer among consumers.
The Sending Money Home? leaflet, she said, would provide comparable and accessible information on the products and services to people, who want to send money to their home countries.
The Jamaica leaflet provides information on all agencies, companies and banks involved in money transfers, their fees, exchange rates and transfer times. The information is also available on the Send Money Home website @www.sendmoneyhome.com.