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Migrant workers sending monies home.

Migrant workers sending monies home.

Migrant workers in the UK, many in low-paid jobs, are sending £8bn a year to support families in their home countries, says a report from the United Nations' education agency.

This is often used to help relations in poorer countries to stay in school.

But Unesco warns too much of this "hard-earned money" is being taken in transfer charges by finance companies.

It says that people wiring money should only have to pay 3% in charges - but the global average is 7%.

The Association of UK Payment Institutions says prices would be lower if regulators allowed more companies to compete in this market.

    

The remittances sent home by migrants can be a lifeline for families in poorer countries - sent back by people working in wealthier parts of the world.

Read more.

 

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