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.
Counter Claim:
Although there is a problem with low-value transactions, the demand is simply not great enough to justify changing current systems.
Problem Type:
E: Emanations of other problems
Related UN Sustainable Development Goals:
GOAL 12: Responsible Consumption and Production
Date of last update
01.01.2000 – 00:00 CET