WOCCU President Arthur Arnold couldn't have asked for better publicity for the International Remittance (IRnet) program that offers low-fee money transfers to other countries.
The program helps save immigrants who wire money home on the high fees often associated with such services, and it received separate plugs from two members of Congress in their remarks to CUNA's GAC.
"IRnet helps to save at least $10 on every transaction," said Arnold. "Multiply that times the 400,000 people who used it and you are putting that much money back into people's pockets."
Arnold said the program will never be able to outgun more established programs such as Western Union and Moneygram, but Arnold said that isn't the point. Rather, he pointed out that both companies have significantly lowered their fees since Irnet was unveiled.
