Remittances

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The UK has bilateral co-operations with remittance receiving countries to support their financial sector development, which include the support of mobile banking technology in Kenya and elsewhere in Eastern Africa, and the development of a debit card infrastructure in South Africa.

The Philippines' Department of Finance has entered into bilateral negotiations with the US Treasury Department with the intent of reducing remittance costs. The means by which cost reduction is to be achieved is through the granting of rights to local banks to form agreements with their counterparts in the US, thereby enhancing access to the formal transfer systems and at the same time ensuring compliance with regulations concerning financial flows. A Memorandum of Understanding has been signed for the purpose. 

The central banks of Mexico and the US have signed an agreement that allows banks to to transmit electronic fund transfers from the USA to Mexico through the Federal Reserve Banks’ Automated Clearing House (FED - ACH).

The FedGlobal Mexico Service offers US financial institutions the added benefit and convenience of promotional materials and tools to aid in promoting the service to their customers and pre-opening accounts at participating institutions in Mexico.

The Spanish initiative seeks to enhance Remittances as an effective source of finance for development, by no means trying to substitute current flows of development aid. The Spanish initiative considers the involvement of the Public Administration, the financial sector, university circles and civil society.

By choosing to focus on Remittances Spain tries to make most of its experience as a Remittances receiving country during the 60s and 70s to help developing countries.

The State Secretariat for Economic Affairs SECO published this brochure, as a contribute to greater transparency among the various operators and services on the Swiss market. In addition, in promoting private sector development in transition and developing countries, it is helping to create attractive savings and investment opportunities on site. This encourages recipients to use the money not only for spending but also, and increasingly, for productive investments, thereby contributing to growth and job creation in their own country.

Egypt, Jordan, Morocco, Qatar, Syria, Tunisia, UAE and Yemen signed an agreement to start electronic money transfers using technology that has been developed by the Universal Postal Union (UPU).

According to the Universal Postal Union (UPU), the agreement will now allow the eight countries to exchange money orders on a multilateral basis. This is particularly valuable in countries such as the United Arab Emirates, where more than 80% of the population are foreigners, and millions of dollars are sent to home countries through remittances. 

The Commission on Filipinos Overseas designed the Lingkod sa Kapwa Pilipino or LINKAPIL Program in 1989. It has resulted in the forging of broader and deeper partnerships between Filipinos beyond borders. As a vehicle of service to fellow Filipinos, LINKAPIL provides a mechanism for the transfer of various forms of resources from Filipinos overseas to support small-scale, high-impact projects that address the country's social and economic development needs. 

The Banco do Brasil, the Japanese National Mail Service and several banks have agreed to cooperate to facilitate remittances transfers.

The Development Corporation for Israel, commonly known as Israel Bonds, was established in 1951 and is the broker-dealer and underwriter for securities - Israel bonds - issued by the State of Israel in the United States.