Post offices to offer electronic int'l transfers

The postal services of Colombia (Adpostal) and Ecuador (Correos del Ecuador) were scheduled to sign an agreement on Wednesday to permit electronic transfers of cash between the two countries, Colombia’s presidential website reported.

Once the agreement is signed, both countries will have 90 days to implement a system to allow the transfers.

The agreement is backed by the Universal Postal Union and the Unión Postal de las Américas, España y Portugal, which are providing technical assistance.

In 2005 alone, Colombia received some US$100mn in money transfers from Ecuador, and Adpostal expects about the same amount to be transferred in 2006. Most of these operations are between family members.

Up to now, these remittances have been made using paperwork, with the corresponding delays. The new system will carry out the transfers in under 48 hours, with a maximum value of US$1,000 per transaction.

Both countries are due to sign a similar agreement with France in the near future, with postal money transfers planned to begin on July 1, 2006.