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.

  1. Two price points when the data is collected
  2. Collection of fees for the sender
  3. Collection of the applicable exchange rate
  4. That the total amount of the identified costs is shown
  5. Speed of the transaction
  6. Type of service
  7. At least 60 per cent market coverage per recipient country
  8. Market-independent survey company
  9. Secured quality of the price information through “mystery shopping” (collecting facts by acting as a customer)
  10. No advertisements
  11. No subscription requirements and a clear funding process
  12. Linkage to other databases approved by the World Bank

Download the World Bank’s policy document concerning price comparison databases for remittances here: The World Bank’s standard