Ecuador: Remittances Moving Easily to Ecuador

According to Andes.info.ec some Ecuadorian provinces have signed agreements with the Universal Postal Union and the Postal Union of the Americas that will implement the electronic system IFS, to make sending payment and electronic fund transfers easier. In turn, this means that Ecuadorian migrants will be able to send remittances back to Ecuador in less time, says the telecommunications minister. In the first quarter of 2011 remittances increased by $33.1 million from the same period in 2010 reports the Central Bank. Spain remains the main source of Ecuadorian remittance payments. The IFS service is now operating in the provinces of Canar, El Oro, Guayas, Loja, Pichincha, Santo Domingo de los Tsachilas and Tungurahua. The IFS system allows Ecuadorian migrants in Spain to deposit their money and have it recorded in Ecuadorian post offices in about 15 minutes.Read Article