Alternative for wiring money overseas

Editor -- I read with interest David Lazarus' column ("Fat fees for wiring overseas," Lazarus at Large, Sept. 14) on wiring money overseas.

Having advised the Federal Reserve on international payment systems and served as global cash manager for Bank of America, I can speak to why banks charge such high fees. Quite simply, their systems are set up to handle million-dollar corporate transactions, not small consumer transfers.

Sending $500 internationally costs as much to process as sending $5 million. The need for a less expensive way for consumers to send money internationally is why we founded remithome (www.remithome.com).

It is designed to address the consumer concerns raised in the article, such as high fees, extra charges, inconvenience and privacy issues. remithome offers money transfer to the Philippines for a flat fee of $10, which does not increase with the amount sent.

We ensure privacy by using secure connections, encrypting all data and not outsourcing data to other countries. Because our service is online, there is no need to visit a bank branch or a Western Union outlet.

With a little research, consumers can find remittance services that offer secure, convenient and affordable alternatives to banks and expensive wire transfer companies.

DENNIS REIS
Oakland

Page B - 5