Certification by the World Bank
The World Bank has identified 12 mandatory minimum requirements for a national price databases for transferring money abroad. The World Bank certifies those databases that meet the minimum requirements and allows them to use the symbol shown below.
Two price points when the data is collected
Collection of fees for the sender
Collection of the applicable exchange rate
That the total amount of the identified costs is shown
Speed of the transaction
Type of service
At least 60 per cent market coverage per recipient country
Market-independent survey company
Secured quality of the price information through “mystery shopping” (collecting facts by acting as a customer)
No subscription requirements and a clear funding process
Linkage to other databases approved by the World Bank
Download the World Bank’s policy document concerning price comparison databases for remittances here.