Help ensure the survival of Australian remittance providers
The money transfer industry may no longer exist after this year.
Registered remittance providers, also known as money transfer businesses are being forced to close because banks will not keep or open bank accounts with this industry.
Money transfer businesses provide millions of Australian citizens and residents with fast and low-cost money transfer services. This industry conducts over 80 million transactions per year. These funds are a lifeline to millions of communities around the world that need and rely on the funds.
Since 2014, there have businesses that have already closed – businesses are closing every day. So far the banks and the Australian Government have only paid lip service to trying to find solution.
If you normally send money back to your home country your service will soon be affected. You will either no longer be able to use legitimate money transfer businesses to do it, OR you will be forced to use a much more expensive option (your hard earned funds, and funds that could go to needed persons overseas instead of being paid as fees!) that might not provide the service that you need.
The Australian Remittance and Currency Providers Association has been set up to find a solution. But we need the help of the Government’s Attorney General’s Department to change the laws, and do it now. We also need the Government to intervene – the Anti Money Laundering/Counter Terrorism Finance laws were set up to make these payments more secure. A consequence has been these bank-account closures.
Act now. Sign this petition, because you may be forced with these bad options:
• Use an illegal business – who cannot guarantee your funds will get to the person you want it to.
• Use a bank – who will be expensive and not be able to offer you the service (here and in the receiving country) that you need.
Add your name to the petition to voice your concern. Ensure the survival of Australian remittance service providers so you can continue to use secure, low-cost and fast money transfer services.
- Minister for justice and Minister assisting the prime minister for counter terrorism
We ask that you reconsider your approach to shutting down the accounts of money remittance service providers. They provide a valuable service to me, my family and my community.
If you continue not to bank these businesses, we will no longer be able to access these service and send much-needed funds overseas.
We ask that you reconsider your decision, and work with the money remittance service providers to come up with a solution that enables this valuable service to continue to be provided.
Today: Australian Remittance and Currency Providers Association (ARCPA) is counting on you
Australian Remittance and Currency Providers Association (ARCPA) needs your help with “Australia's Banking industry: Help ensure the survival of Australian remittance providers”. Join Australian Remittance and Currency Providers Association (ARCPA) and 7,074 supporters today.