Money transfer companies in lebanon: The need to reform electronic money transfer regulations

Using available EMT services, Lebanese can expect to pay anywhere from $15 to $35 to send $500 to someone abroad. In addition to transfer fees, Lebanese consumers also face other hidden fees, such as currency exchange rates priced some 5 percent higher than mid-market rates available through modern EMT platforms. Sending or receiving money locally can be cheaper, but considering that Lebanese receive around $7.5 billion to $8 billion every year in remittances, our loved ones foot a bill they would not need to if we were in Egypt, the Emirates, or Jordan—all of which now have access to modern EMT services. What’s more, services such as direct caller billing could provide Lebanon’s unbanked with access to financial services, meaning another 55 percent of the population would start using these services. But not all Lebanese lose out from the financial status quo.

Leave a Reply

Your email address will not be published. Required fields are marked *