Remittances are the funds sent by a migrant to their home countries. Remittances are playing a very significant role in international inflow of money yet this flow is controlled by official banks with high transfer fees and high exchange rates. Moreover, people with no access to an official bank account or people who lack (of) official documentation are not able to utilize the official banks to transfer funds across the borders.
Bank of the Commons is able to provide banking services to its members outside the control of a central bank. Being a cooperative enables us to give opportunity to our members to interact with each other within banking services. Meanwhile in private companies, a licence is required in order to realize SEPA transfers on remitances. As long as the recipient, member in our case, has their own Virtual Bank Account (the unique identifier token for each member) under Bank of the Commons, they can easily cash out or cash in offical currencies as members of the cooperative. This means that Bank of the Commons is in a position to serve millions of people who are excluded by official financial systems, who are in urgent practical need of alternatives.
Our services are available in many different countries now: USA,Spain, Greece, Poland etc., but our intention is to spread them to as many countries as possible. In the near future, we will provide members with a payment card in which they can store their money as well.
The possibility of providing these services, both revolutionary and necessary for sovereignty, shows how a small group of people with limited resources can create a ethical banking alternative worldwide that is accessible to everyone!