Western Union plans to cut remittance charges
-in face of ‘increasingly depressed economy’
Stabroek News
June 4, 2003
With competition and business costs going up in an “increasingly depressed economy,” Grace Kennedy Remittance Services (GKRS), the local provider of Western Union money transfer services has recognised that “charges must come down.”
This is according to GKRS Country Director Anna Lisa Fraser-Phang, speaking at a cocktail reception to toast the 10th anniversary of GKRS-Guyana, last Thursday at the Cara Lodge.
She remarked that the poor economy had “ironically” increased business but also noted that this had forced the company to look again at how business was being done.
“Our margins are shrinking as costs to do business continue to rise. The customers have spoken [and] the charges must come down...” she declared, while noting that GKRS, which manages 70% of the transfer business in Guyana, was now forced to find innovative ways to do business in order to reduce their expenses.
According to Grace Kennedy-Western Union’s customer service office, the charge for sending US$200 from the United States is US$14, from anywhere in the United States.
For the 10th Anniversary, a series of events are planned including sweepstake promotions; several community outreach programmes involving Habitat for Humanity and the Guyana Red Cross Society; and the publication of an anniversary supplement. Fraser-Phang noted the 2002 launching of the Bill Express service, which had attracted new agents including GuyanaNet, Internet.Works and Edward B. Beharry. She said new clients were expected to come on board this year.
Vice President and Regional Operations Manager of Grace Kennedy, Michelle Allen, said the company had launched a cambio service in Trinidad & Tobago, and GKRS was hoping that FX Trader would receive approval from the Guyana government to enter the local cambio market in the near future. Allen said that the foreign exchange market could complement and strengthen the company’s product range. Another key area she highlighted was the expansion of services into sending countries with a series of offices called ‘Caribbean Outpost’. The first outpost opened in New York in August 2002 and others are to open in Miami, Toronto and in the United Kingdom.
To capitalise on these markets GKRS had already invested in community consultants, in New York, Miami, Toronto and London, who “weave themselves into these communities and assist in keeping our fingers on the heart and soul of our consumers.”
