NDP MP, MPP to table bills to cap remittance fees

NDP MP, MPP to table bills to cap remittance fees

TORONTO–In an unprecedented act of cross-jurisdictional cooperation, NDP elected officials are working together to lower the excessive price on remittance fees for sending money abroad to loved ones.

MP Peggy Nash (Parkdale–High Park) and MPP Jagmeet Singh (Bramalea–Gore–Malton) were proud to table bills in the House of Commons and Queens Park respectively that would cap fees that can be charged on international remittances at 5%.

“Currently, families are forced to pay fees of up to 20% or higher to send money back to their families,” said NDP Industry Critic Peggy Nash. “The amount lost in fees can be equal to several hours of wages, which can make a big difference.”

As it stands, Canada has the second highest remittance fee in the G8 at 10.97%. Canada is the 3rd largest sender of remittances internationally and the highest per capita sender of remittances.

“By working in coordination with different levels of government we can ensure that consumers are charged the same fees no matter what company or bank they use to send money to loved ones back home,” stated NDP Government and Consumer Services critic Jagmeet Singh (Bramalea—Gore—Malton).

(PRESS RELEASE)