FACTORS TO CONSIDER WHEN SENDING AND RECEIVING MONEY

OVER THE YEARS, REMITTANCE SERVICES HAVE BECOME INCREASINGLY POPULAR AMONGST JAMAICANS ALL OVER THE WORLD AS A VEHICLE FOR SENDING AND RECEIVING MONEY. THE CONSUMER AFFAIRS COMMISION (CAC) EXPECTS AN INCREASE IN INFLOWS FROM REMITTANCES IN THE COMING WEEKS AS THE “SHOPPING SEASON” DRAWS CLOSER AND AS SUCH, HAVE IDENTIFED CERTAIN FACTORS THAT ARE CRITICAL FOR CONSUMERS CHOOSING WHICH REMITTANCE SERVICE TO USE.

• COST: WE AT THE CAC ARE CONSTANTLY ENCOURAGING YOU TO SHOP AROUND AND GET THE BEST VALUE FOR YOUR DOLLAR. WHERE REMITTANCES ARE CONCERNED, MOST PEOPLE THINK THAT CHARGES ARE RESTRICTED TO THE FEE PAID FOR THE TRANSFER, BUT THIS IS OFTEN NOT THE CASE AS COSTS ASSOCIATED WITH ADMINISTRATION AND CURRENCY CONVERSION ARE OFTEN HIDDEN. SO ASK YOUR POTENTIAL PROVIDER ABOUT THEIR ADMINISTRATIVE CHARGES, THE EXCHANGE RATE BEING APPLIED ON CONVERSION AND THE FEE FOR CONVERTING FROM ONE CURRENCY TO ANOTHER CONSUMERS WHO ARE VIGILANT AND DISCRIMINATING CAN SAVE HUNDREDS OR THOUSANDS OF DOLLARS FROM HEEDING OUR ADVICE AS SOME PROVIDERS HAVE BEEN KNOWN TO CHARGE CONVERSION FEES OF UP TO 20% - HOW WILL I USE THE PIECE OF FURNITURE?

• LOCATION / CONVENIENCE: COST COMPARISON IS ONLY USEFUL WHEN THERE ARE SEVERAL OPTIONS TO CHOOSE FROM. IT IS THEREFORE NOT SURPRISING THAT ACCESS IS SOMETIMES USED AS THE SOLE FACTOR ON WHICH MANY MAKE THEIR DECISIONS TO CHOOSE A PROVIDER. LUCKILY, WE ARE NOT FORCED INTO THIS SENARIO. AFTER CONTACTING SEVEN (7) REMITTANCE SERVICE PROVIDERS THE CAC HAS DISCOVERED THAT ALL 14 PARISHES HAVE ACCESS TO MULTIPLE REMITTANCE SERVICE PROVIDERS AND THAT ALMOST ALL PROVIDERS HAVE MORE THAN ONE (1) LOCATION IN EVERY PARISH.

• SECURITY, RELIABILITY & SPEED: HAVING LOOK AT THE COST AND YOUR ABILITY TO ACCESS THE FUNDS OR BRANCHES THE NEXT STEP IS TO EXAMINE HOW LONG IT WILL TAKE THE TRANSFER TO BE COMPLETED, FROM THE TIME OF DISBURSEMENT TO COLLECTION. IN AN INCREASINGLY DIVERSIFIED AND COMPETITIVE INTERNATIONAL MONEY TRANSFER MARKET, SUPERIOR SPEED SHOULD BE AND OFTEN IS, A SIGNIFICANT FACTOR IN CONSUMER CHOICE. ATTACHED TO THIS ARE CONCERNS ABOUT THE SECURITY OF FUNDS AND THE RELIABILITY OF THE PROVIDERS SYSTEM. CONSEQUENTLY, WE ADVICE YOU TO BE VIGILANT AND TO CHOOSE PROVIDER WITH GOOD REPUTATIONS.

• CUSTOMER SERVICE: IS A FACTOR THAT SHOULD BE GIVEN GREAT CONSIDERATION. FRONTLINE PERSONS WHO ARE IMPOLITE AND COMPANIES THAT GIVE LITTLE THOUGHT TO FRIENDLY-INTERACTION SHOULD NOT BE SUPPORTED. A STREAMLINED INTERFACE WITH CUSTOMERS AND FORMS THAT ARE EASILY UNDERSTOOD ARE ESPECIALLY IMPORTANT IN THE INTERNATIONAL CASH TRANSFER MARKET, WHERE MANY CUSTOMERS LACK THE FINANCIAL SKILLS AND KNOWLEDGE TO FILL OUT PAPER FORMS.

IN OUR EFFORTS TO GATHER INFORMATION FOR THIS ARTICLE WE TOO MET WITH DISCOURTESY FROM PERSONS WHO FELT WE DID NOT NEED TO HAVE CERTAIN TYPES OF INFORMATION, LEAVING US WITH NO CHOICE BUT TO REMIND THEM THAT ALL CONSUMERS HAD A RIGHT TO BE INFORMED. WE AT THE CAC IMPLORE YOU TO FOLLOW OUR EXAMPLE AND USE KNOWLEDGE OF YOUR RIGHTS TO ASSERT YOURSELF. PART WITH YOUR MONEY AND ENCOURAGE OTHERS WHO SENT MONEY TO DO SO, ONLY AFTER YOUR QUESTIONS HAVE BEEN ANSWERED AND YOUR REQUIREMENTS MET.