moved for leave to introduce Bill C-665, An Act to amend the Bank Act (international remittance transfer fees).
Mr. Speaker, today I am proud to introduce my bill, an act to amend the Bank Act (international remittance transfer fees).
When newcomers come to Canada, they leave behind family members, children, spouses and siblings. They often work for low wages and yet they take some of those low wages and send it back to their country of origin. This act would cap the fees banks can charge on personal remittance transfers to 5% of the total value of the transfer.
When Canadians send money back to their relatives and loved ones, they face fees of often 10%, 15% or even 20% of the value. This takes money away from their meagre wages and often forces them to work extra hours to pay the fees. By capping the rates charged at the percentage of the total cost, low-income Canadians sending small amounts of money will not have their remittances eroded, allowing more money to be received for education, food or even a toy for their children.
When the bill comes up for debate, I urge all members to support it.
(Motions deemed adopted, bill read the first time and printed)