eBook

The market for remittance services in the Czech Republic : outcomes of a survey among migrants

Corazza, Carlo, World Bank, Nicoli, Marco

2010

Overview

This survey was conducted by the World Bank Payment Systems Development Group, at the request of the Ministry of Finance of the Czech Republic, as a follow up to the World Bank-led mission that visited the country in 2008 to assess the market for remittances. This survey aims at analyzing the main characteristics of the market for remittances in the Czech Republic and should serve as a guide for both public authorities and the private sector in identifying possible actions to improve the efficiency of the market. A total of 880 migrants from eight different nationalities were interviewed during the summer of 2009 in Prague. The nationalities selected represent the largest and most important migrant communities in the country: China, Moldova, Mongolia, Poland, the Russian Federation, the Slovak Republic, Ukraine, and Vietnam. The following main findings can be extracted from the analysis of the survey's outcomes: i) a low level of transparency and consumer protection can be observed in the market for remittances in the Czech Republic. Senders are often not provided with all the relevant information by the Remittance Service Provider (RSP) at the moment of the transaction; ii) the lack of transparency is confirmed by the analysis of the cost as perceived by the interviewees, who do not generally consider the margin applied by the RSP as a price component. As a result, remittance senders are in general not aware of the actual cost that they are paying for the service; and iii) the market is dominated by Money Transfer Operators (MTOs) and, in particular, some MTOs hold the great majority of the market shares.

• Publisher: World Bank,World Bank Publications,The World Bank
• Subject: ACCESS POINTS / ACCESS TO BANK / ACCESS TO BANK ACCOUNTS / ACTUAL COST / ACTUAL COSTS / ADVERTISEMENT / ADVERTISEMENTS / ANNUAL INCOME / ANNUAL INCOMES / ANTI-MONEY LAUNDERING / ATM / BANK ACCOUNT / BANK ACCOUNTS / BANK BRANCHES / BANK PAYMENT / BANK PAYMENTS / BANK TRANSFERS / BANKING SERVICES / BANKS / BARRIERS TO ENTRY / BENEFICIARIES / BEST PRACTICES / BORDER PAYMENTS / BUS DRIVERS / BUSINESS OPPORTUNITIES / CASH FLOWS / CASH WITHDRAWAL / CHECKING ACCOUNT / CLEARING HOUSE / CLEARING HOUSES / COMMERCIAL BANK / COMMERCIAL BANK BRANCHES / COMMERCIAL BANKS / COMPETITIVE MARKET / COMPETITIVE MARKETS / CONSULAR OFFICES / CONSULTING FIRM / CONSUMER / CONSUMER COMPLAINTS / CONSUMER PROTECTION / CONSUMERS / COOPERATIVES / COUNTRIES OF ORIGIN / COUNTRY OF ORIGIN / Creative ability in business / CREDIT CARDS / CREDIT UNIONS / CROSS BORDER / CURRENCY / CURRENCY EXCHANGE / CUSTOMER SATISFACTION / Czech Republic / DAILY EXPENSES / DEBIT CARDS / DEPOSIT / DEPOSIT ACCOUNTS / DEVELOPING COUNTRIES / DIRECT DEPOSIT / DIRECT DEPOSITS / DISBURSEMENT / EFFICIENT MARKET / Emigrant remittances -- Czech Republic / EMIGRATION / Emigration and immigration -- Economic aspects -- Czech Republic / EMPLOYEE / Entrepreneurship / EXCHANGE RATE / FAMILIES / FINANCE KNOWLEDGE / FINANCIAL INSTITUTIONS / FINANCIAL INTERMEDIARIES / FINANCIAL LITERACY / FINANCIAL LITERACY CAMPAIGNS / FINANCIAL LITERACY PROGRAMS / FINANCIAL PRODUCTS / FINANCIAL SECTOR / FINANCIAL SERVICES / FLOW OF MONEY / FOREIGN CURRENCY / FOREIGN EXCHANGE / FOREIGN EXCHANGE BUREAUS / FOREIGN EXCHANGE RATE / FRAUD / GENDER / HOLDING / HOME COUNTRIES / HOME COUNTRY / HOME CURRENCY / HOUSEWIFE / HOUSING / ILLEGAL IMMIGRATION / ILLEGAL MIGRATION / INCOME / INFORMAL CHANNELS / INFORMAL TRANSFER / INFORMATION DISCLOSURE / INFORMED CHOICES / INITIAL INVESTMENTS / INSTRUMENT / INSURANCE / INSURANCES / INTERNATIONAL BANK / INTERNATIONAL REMITTANCE / INTERNATIONAL STANDARDS / Labour migration / Labour mobility / LACK OF COMPETITION / LACK OF TRANSPARENCY / LANGUAGE BARRIERS / LEGAL MIGRANTS / LEGAL SYSTEM / LOCAL CURRENCY / LOW COST / LOW COSTS / MARKET CONDITIONS / MARKET PLAYERS / MARKET SHARE / MARKET SHARES / MARKET STRUCTURE / MARKETING / MARKETING STRATEGIES / MIGRANT ASSOCIATIONS / MIGRANT COMMUNITIES / MIGRANT WORKERS / MIGRANTS / MOBILE PHONE / MONEY TRANSFER / MONEY TRANSFER OPERATOR / MONEY TRANSFER OPERATORS / MORTGAGE / MORTGAGE PAYMENTS / NATIONAL BANK / NEWSPAPER ADVERTISEMENT / PAYMENT SERVICES / PAYMENT SYSTEM / PAYMENT SYSTEMS / PAYMENTS INFRASTRUCTURE / PAYMENTS INFRASTRUCTURES / PAYMENTS SYSTEM DEVELOPMENT / PERMANENT RESIDENTS / POST OFFICE / POST OFFICE NETWORK / POST OFFICES / POSTAL SERVICE / POSTAL SERVICES / PUBLIC POLICY / QUESTIONNAIRE / QUESTIONNAIRES / REAL ESTATE / REFUGEE / REGULATORY FRAMEWORK / REMITTANCE / REMITTANCE CORRIDORS / REMITTANCE FLOWS / REMITTANCE INDUSTRY / REMITTANCE SENDING / REMITTANCE SENDING COUNTRIES / REMITTANCE SERVICE / REMITTANCE SERVICE PROVIDERS / REMITTANCE SERVICES / REMITTANCE SYSTEMS / REMITTANCE TRANSFER / REMITTANCE TRANSFERS / REMITTANCES / REPO / REPO RATE / RESUME / RISK MANAGEMENT / Rücküberweisungen / SALARY / SAVINGS / SAVINGS ACCOUNT / SEND MONEY / SEND MONEY HOME / SEND REMITTANCES / SENIOR / SOCIAL NETWORKS / SPECIFIC REMITTANCE / SPEED OF TRANSFER / SUBSIDIARY / Success in business / Surveys / TOTAL COST / TRANSACTION / TRANSFER METHOD / TRANSFER METHODS / TRANSFER MONEY / TRANSPARENCY / Tschechien / TYPE OF WORK / UNEMPLOYED / UNEMPLOYMENT / UNION / USERS OF REMITTANCE / WIRE TRANSFERS / WITHDRAWAL / WORTH
• ISBN: 0821385852, 9780821385852