BSP urges greater transparency in remittance transactions

The central bank is requiring its supervised financial institutions that offer domestic remittance transactions to be more transparent in charging fees to make the sender aware of the full cost of the transaction and the exact amount to be received by the beneficiary.

In a circular issued on Friday, the Bangko Sentral ng Pilipinas (BSP) said the Monetary Board’s newly approved regulation intends to improve the transparency of remittance charges and enable consumers to determine the most cost-efficient means of sending remittances.