Information brochure on money transfers from Switzerland
Bern, 19.05.2009 - Many migrant workers in Switzerland regularly transfer part of their income to relatives and acquaintances in their home countries. The State Secretariat for Economic Affairs (SECO) has issued a new brochure on the various money transfer options and their costs. This should increase transparency in the money transfer market and the development impact of remittances.
The information brochure entitled «International money transfers from Switzerland» is intended for migrants in Switzerland. It explains how various types of money transfers work, indicates their pros and cons and contains useful information on making use of financial services. The brochure also provides an overview of all the options available for transferring money via banks, the post office, money transfer operators and online payment systems and of the cost of the individual services. The brochure is available in eight languages (German, French, Italian, English, Albanian, Bosnian, Macedonian and Serbian).
Increased transparency in the money transfer market should make transfers less expensive and accelerate their arrival in the migrant’s country of origin so that they benefit the recipients there in the best possible way. The information brochure should also help to increase the number of money transfers made from Switzerland via formal channels. Money thus injected into the financial system is made available for spending and investment, which is decisive in terms of increasing the development impact of remittances. Remittances sent to the Western Balkans in particular are currently most often sent through informal channels, such as acquaintances or bus drivers.
Remittances have become increasingly important in recent years. The money and goods sent by migrants to their relatives and acquaintances in their home country account for more than twice the total of official development aid worldwide and make a significant contribution to income in many developing and transition countries. The brochure is part of SECO’s activities relating to economic development cooperation.
Address for enquiries:
Markus Spörndli, Communications Officer, SECO, Economic Cooperation and Development, Tel. +41 (0) 31 324 09 10
- State Secretariat for Economic Affairs
- Internet: http://www.seco.admin.ch