Problem

Excessive cost of transferring funds across borders

Other Names:
Delays in transferring funds between countries
Nature:

Transferring small amounts of money across borders is slow, prohibitively expensive and unreliable.

Incidence:

In 1993 the average transfer time for transferring $150 from one EEC/EU country to another through European banks was 6 to 8 days. The cost, including bank commissions, was equivalent to 14% of the value transferred. Customers have little redress in the event of banking errors during such transactions.

Broader Problems:
Excessive costs
Excessive costs
Related UN Sustainable Development Goals:
GOAL 16: Peace and Justice Strong InstitutionsGOAL 17: Partnerships to achieve the Goal
Problem Type:
E: Emanations of other problems
Date of last update
12.08.2019 – 15:39 CEST