‘Money from Sweden” is a website by the Consumer Agency whose stated purpose is to help people compare charges when they send money internationally to other countries. Now the state website has evolved and will be available in an Arabic version.
By – Brünnhilde
The website Money from Sweden is a government-funded web service that compares fees and exchange rates for international money transfers to overseas locations.
Launched in December 2014, the service has been a “contributing factor to the fact that the cost of sending money from Sweden to abroad has been pushed down” according to a statement on the Consumer Agency website.
“It is important that we can help consumers find the right place in this complex market. Every year, people in Sweden send large sums to family and friends abroad. This initiative can help them and reduce their costs,” explained Per Bolund, Finance and Consumer Affairs, in connection with the launch of the service.
“In Sweden, there are many banks, companies, agents and other financial institutions that allow you to send money abroad. Our mission is to find the cheapest and fastest service for you. The web service is free, completely independent of all players in the market and driven by Consumer Agency”, says the Consumer Agency on their website.
Since the service started, the cost of sending SEK 3,000 from Sweden to abroad has dropped 2-4 percentage points, against some countries by 5-6 percentage points.
“We cannot be quite sure whether it is the price comparison service Money from Sweden alone behind the price press, but it is obvious that the service has had an impact on the market by making the options and costs visible. There has been a clear decline in prices, especially in companies specializing in currency exchange and remittances since the service started,” says Torbjörn Noaksson, Project Manager for Money from Sweden at the Consumer Agency.
In addition, an increasing number of people are using the price comparison service. By 2017, the site had more than 300,000 visits.
And now, Money from Sweden has developed in three different ways.
The site now has an entire Arabic version to “cater for the great need of people with Arabic as a native language”. The Arabic version contains everything in the Swedish version. Visitors can also make price comparisons on larger amounts of money compared to before. It is also now possible to filter all searches according to the receiving mode of the money, for example, that the recipient will get the money in cash.
Exactly how much money immigrants in Sweden send to their relatives in their home countries is unclear. According to the World Bank, it’s about 32 billion a year, says Omvärlden although Statistics Sweden, the Swedish government agency responsible for official statistics (SCB), claims this number is only 3-4 billion.
Read more: From 2018/06/20