Some money transfer charges not transparent, says regulator

SOME money transfer businesses are not providing accurate and transparent information about their charges for sending money, according to the Financial Regulator.

The regulator yesterday released the findings of an exercise in the money transmission business. The purpose was to confirm that such firms are charging customers correctly and transparently.

Overall, the findings showed that while money transmission businesses were compliant with their approved charges, there were issues in some firms regarding the transparency of such charges. These related to the disclosure of charges and inadequate provision of information.