(UNI) A new free digital platform helps migrant workers compare money transfer costs and locate support organisations. ‘SaverAsia’ makes it easier and more affordable for migrant workers to send money home.
The website has been developed by Developing Markets Associates (DMA) in collaboration with the International Labour Organization (ILO) through its TRIANGLE in ASEAN programme and supported by the Australian Department of Foreign Affairs and Trade and the Global Affairs Canada, an ILO statement said on Monday.
The average cost to send remittances within the region ranges from 3 per cent to 20 per cent, depending on the service provider used. Other challenges include difficulties accessing a bank office and low awareness of available financial services. As a result, many migrants depend on a small circle of friends for financial information, use informal channels, and often queue for a long time each month to send money home by cash.
SaverAsia is part of an ILO global strategy to address these challenges. Marja Paavilanen, Senior Programme Officer of TRIANGLE in ASEAN, states, “SaverAsia helps migrant workers save time, save money, and save for their future.”