Africa money-transfer fees slammed


File photo dated 18/03/13 of money as people should be forced to put money into a pension in the same way that they have to pay taxes, according to a think-tank. PRESS ASSOCIATION Photo. Issue date: Wednesday January 22, 2014. Policy Exchange said that a

The families of Africans living in the UK are losing tens of millions of pounds a year because of the high cost of sending money home, according to a new report.

The Overseas Development Institute think-tank said charges average 12% on money transfers, almost double the global average.

The report's co-author, Kevin Watkins, said: "This remittance super-tax is diverting resources that families need to invest in education, health and a better future.

"It is undercutting a vital lifeline to hundreds of thousands of poor families in Africa. Africans living in the UK make huge sacrifices to support their families, yet face charges which are indefensible in an age of mobile banking and internet transfers."

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