StatsCan to review reliability, fees of international money transfers

Statistics Canada is conducting a study on international money transfers on behalf of Global Affairs Canada to satisfy a G20 commitment to lower the costs associated with transferring money outside the country.

The goal of the study, which will be conducted online from April 18 to July 16, is to provide the government with up-to-date information on the current costs and fees of transferring funds. The target population for the study is landed immigrants, temporary residents of Canada and naturalized Canadians aged 18 and older.

The data collected will also be used to help make transferring money safer and more reliable. Further, it will help “increase the financial literacy of people who use these services,” Statistics Canada says in a release.

Also read: Self-employed and HNW clients less likely to pay their taxes: CRA

CIBC eliminates up-front fees for money transfers to U.S.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.