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Good News for OFWs and Filipino Migrants: G20 Countries Cut Remittance Fees

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G20 Countries Cut Remittance Fees

G20 countries cut remittance feesA Bandila news clip uploaded on ABS CBN Youtube Channel reported that G20 Countries has cut remittance fees when sending money from overseas. This is really a good news to Overseas Filipino Workers and Filipino Migrants. The fee will drop to 5% from the existing rate of 8% of the total amount remitted. The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.

Remittances from overseas Filipino workers (OFWs) reached a record high of $25.1 billion in 2013.From January – September 2014, remittances has already reached $17.6 billions and expected to rise with the upcoming Christmas season.

Video and Photo Credits: ABS-CBN News Youtube Channel

Tags: OFWs, Remittance fees, OFW remittances, OFW remittance rates, G20 Countries Cut Remittance Fees, cost of remittances

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