The app offers users free information on how much it costs to send money from the sending countries to the receiving countries of these resources. Indeed, the site has very detailed information on what the different operators or companies that offer remittance services charge. It also reports the distance of the operators from the point where the person making the query is located.
This price comparison tool for sending remittances allows you to evaluate the different options on the market to send remittances, compare their prices and the characteristics of the service offered. With this, immigrant workers and their families can select a service that meets their needs and preferences. Therefore, the site helps to make the best choice, the cheapest one and the one that best suits the needs of the sender and receiver of that money. It also contributes to reducing the cost of sending remittances from the countries where remittance senders reside to the countries and regions where their relatives who receive these resources live.
Through the query of the apps to the database, the sender of the remittance will have information on the total cost (commission and costs by exchange rate) for the available providers (8 providers of remittance services in principle), thus as information regarding the speed of the transfer and the location of the shipping points closest to the place from where the consultation is made, which facilitates the choice of the provider that best suits the needs and requirements of the person who wants to make a sending of remittances.
The database where it is consulted through the Apps includes information on:
• Shipping amount
• Remittance service providers
• Transfer methods
• Speed ​​of transfer
• Commission amount for shipping
• Margin in the exchange rate
• Total shipping cost
• Payment points
The monitoring and analysis work on shipping costs is based on the 2001 World Bank initiative, in which information is gathered from different countries and brokers through a Mystery Shopping system and reports on shipping costs for remittances on different regional web pages.
The work carried out in this first effort identified remittance service provider companies using information from regulators, and other existing mechanisms (registration / license / supervision), available in the market, to ensure that information is available from the most important banking and non-banking entities that provide remittance services that offer remittance payment services in each corridor.
It is clear that greater transparency in the costs of these transfers will help reduce the cost of remittances. The General Principles for International Remittance Services, as well as other international initiatives, emphasize the fundamental role of having information and transparency in the market, especially in relation to the real and total costs of these transactions, as well as the importance of this information is available to the general public. The creation of public databases with detailed information on the cost of remittances has been identified as one of the most efficient instruments to improve such transparency. Data collection at the national or regional level can be frequent and detailed and can be tailored to the needs of different local communities. In this way, these databases can serve as a tool that allows senders to easily compare the different services and costs, and have a more precise idea of ​​the amount that the beneficiary is going to receive.