Sweden through the Swedish Consumer Agency, is missioned to provide a web-based information service for remittances. The service aims at creating transparency about different modes of remittances and the costs of these, thus increasing competition so that transfer costs can be reduced. Since 2018 additional resources have been added to the Consumer Agency to continue to provide and develop the service. The costs of sending remittances from Sweden have in some cases been relatively high.
Moneyfromsweden.se is an independent and free information service run by the Consumer Agency. The service ranks and presents remittance providers by price and transfer rate so that an individual who wants to transfer money from Sweden to another country easily finds the cheapest and most appropriate supplier. The service is translated into 16 languages and comprises 32 countries, of which developing countries are particularly prioritized. We also see that the marketing of the service implemented had a very positive impact on visitor statistics.
Moneyfromsweden.se strongly correlates with sub-objective 10.c but also with sub-objective 17.3 in reducing transaction costs for migrants' remittances and thus enabling the mobilization of additional financial resources to developing countries. We have also seen a reduction of remittance costs by 1.6 percentage points since moneyfromsweden.se was commissioned. And although it is difficult to isolate and assess to what extent moneyfromsweden.se contributed to this decrease, it is clear that a transparent market where consumers have real opportunities to make active and conscious choices are an important prerequisite for good competition. Our assessment is that moneyfromsweden.se is an important part of contributing to the achievement of objectives at a national level.