nConsumer awareness of lower priced remittance product alternatives with banks is a key challenge
uLocal media and community organizations must play a
role
uIndependent party cost comparisons of existing products and associated pricing are needed for remittances:
nMexico: PROFECO
provides a weekly cost comparison
nCost comparisons should be made at the low end and high end transaction amount levels ($200, $500, $1,000,
$1,500)
nCost comparison information should be provided in print media and published by consumer advocacy groups
n
nPartial savings of remittances should be encouraged by sending and receiving institutions to promote productive
use of remittance in the
form of new venture capital and/or educational
investments.
n
nThe productive use of remittances will enhance the long
term financial position of
the remittance receiver