In this article: US banks to cut OFW_remittance fees by half–GMA President Arroyo of the Phillipines is quoted as saying that she had reached an agreement with the US, cutting the fees that US banks charge out of country workers to transfer money to the Phillipines:
How will the government do that ? Over the past several years, banks have raised their ATM and other fees seemingly at will; with no sign of government control. Is there something about international transactions that gives the Feds greater regulatory control in this situation ?
Any bankers in the house?
Just a WAG:
The US government is said to be just talking to the banks. Doesn’t necessarily mean it regulates fees.
Probably the government will simply contact the banking lobbies and kindly ask them to cut the fees. The banks might agree to voluntarily reduce their fees as an act of goodwill; since domestic US transfers are so much more numerous than US-Philippines ones, the banks might not agree to reduce those fees as a result of government appeals (or the government might just not ask the banks to reduce domestic fees, knowing that the banks wouldn’t do so).