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 costsInadequacies of the international monetary system Subject(s):
Commerce → FinanceCommerce → Purchasing, supplying
Communication → Communication
Government → Frontiers
Societal Problems → Delay
Related UN Sustainable Development Goals:
Problem Type:
E: Emanations of other problems Date of last update
04.10.2020 – 22:48 CEST