Archive for December, 2014

In any kind of business, the basic principle is to maximize profit. But what is the real motive of banks in closing the accounts of remittance companies? Can banks equal the service provided? Are they even willing?

Last month, St. George Bank threatened to close the accounts of remittance companies suspected of money laundering. St. George appears to be the last among other big banks that have earlier made a similar move. (more…)

SYDNEY (Reuters) – An Australian court case is set to throw a spotlight on a steady retreat by Western banks out of the $435 billion (276.5 billion pounds) global remittance business, a trend that threatens to erode the livelihoods of hundreds of millions of the world’s poor. (more…)

The war on terrorism and money laundering is driving hundreds of local money remitters out of business after Westpac and St. George Bank confirmed that they were closing the bank accounts of various remittance companies. (more…)

Hundreds of migrant communities across Australia will lose their ability to send money home to family and friends safely and securely if banks continue their plans to close the accounts of remitters. (more…)

31 October 2014 — Today, Philippine Sentinel received another call from a certain Jacinta (not her real name) of Fairfield who bought a return ticket to the Philippines for her mother some few months ago.

On the scheduled date of her mom’s departure, the elderly lady was denied boarding by Qantas Airlines. She was told that the supposed “e-ticket” she presented was a mere itinerary and not a real ticket. She was further informed that the travel agency who issued the “e-ticket” did not remit any money to Qantas. (more…)