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Cubans queue in front of a Western Union counter in Havana. – YAMIL LAGE / AFP
The badociation UFC-Que Choisir denounces Tuesday the commissions applied by the companies of
money transfer abroad. For the only transfers between individuals from France, these companies have drawn 680 million euros in 2017, according to the study revealed by the consumer badociation, which has decided to file a complaint.
of the #prices which vary from single to double depending on the destination! A #transfer from € 170 to Morocco costs € 8.30, or 4.9% of the sum sent. The same amount transferred to Algeria costs € 16.20, or 9.5% of the amount! @AmbLibanParis @AmbaMaliFrance @Indian_Embbady pic.twitter.com/QG4Be7mJ8s
– UFC-Que Choisir (@UFCquechoisir) November 27, 2018
The market is "dominated by money transfer companies such as Western Union and MoneyGram" which charge "far higher than the average price charged by their main competitors", mainly banks, says the badociation. The study points the finger at the Bank Post, accused of practicing "exorbitant rates", as part of "its partnership with Western Union." The badociation also believes that some money transfer companies apply "hidden exchange fees", the amount of which would reach "more than 110 million euros" and sometimes "up to 42% of the total cost of the transaction" .
La Banque Postale pinned
According to the World Bank quoted by the UFC, the transfer from France to abroad of a sum of 170 euros costs on average 6.9% of the amount via the banking channel and 7.3% via a transfer company. clbadic money. The study takes the example of the Postal Bank and reveals a figure of 12.4% of the amount sent.
The badociation is filing a lawsuit against these two players, Western Union and MoneyGram, for "deceptive marketing practices." The amount of the commissions highlights, according to the badociation, "serious market malfunctions that are detrimental to consumers". Of the 540 billion euros transferred between individuals worldwide in 2017, 41 concerned France. Within this sum, 19 billion were transferred from France to foreign countries and 52% of this volume was destined for countries whose currency is not the euro (10.2 billion euros).
The badociation calls for more "transparency on pricing conditions" to allow consumers "to make the right choices".
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