Tag: money transfer services
Cash remittances fall over 40% during lockdown
(CNS): The closure of money transfer services during lockdown had a massive impact on the amount of cash that left the Cayman Islands during the second quarter of this year, CIMA has said. Well over US$26.6 million less went offshore during April, May and June than would normally be sent during that time of year, […]
Money transfer stores to stay closed
(CNS): The Cayman Islands Government is not going to allow money transfer stores that send cash overseas to open because it would create another very high risk opportunity for the coronavirus to spread through the Cayman community, Premier Alden McLaughlin has said. Worried that the situation at the banks is already a major problem, he […]
Cayman workers sent $235M to home countries
(CNS): Expatriate workers in the the Cayman Islands sent home a record-breaking amount of cash last year through money service companies, according to statistics from the Cayman Islands Monetary Authority. People sent almost $235 million to numerous countries around the world, but the largest amount, around $133 million or 58%, went to Jamaica. The Philippines […]
Cash transfer firm blames local banks for business woes
(CNS Business): The chair of a Cayman-based Jamaican cash transfer company has made it clear that he believes the banks are to blame for the problems his firm and its affiliates are facing, as he encouraged customers of those banks who also use remittance services to raise their concerns and even implied they should boycott […]
Bankers blamed for starting US$ black market
CNS): The local banking system has been blamed for starting the black market for US currency in the Cayman Islands, which is seen as a result of fees being charged to make exchanges and for their reaction to the risk issues associated with money transfer firms. More than 300 people, mostly Jamaicans, spilled out of […]
Public meeting to discuss remittance issues
(CNS): The Jamaican Consulate is hosting a public meeting next week to discuss the issues surrounding money transfer businesses, which many people use to send remittances home to their native countries. Those businesses have recently begun to only accept US dollars, which is driving up exchange rates and fees and some banks are now limiting exchange […]
US dollar shortage driving up cash costs
(CNS): Financial Services Minister Wayne Panton has said that he and the Cayman Islands Monetary Authority (CIMA) are heavily engaged in talks with banks, regulators in the US and other stakeholders over the US currency problem emerging in Cayman as a direct result of the money transfer businesses accepting only US dollars for remittances. The demand for […]
