Can postal savings and remittances be used as a comprehensive counter

Do post offices provide cash based remittances?

Post offices do play an important role in providing cash-based money transfers or remittances domestically, although available data may not reveal the full extent of their role. Postal networks provide for money transfers for person-to- person needs, and in some cases for collection of bills with various degrees of success.

How can postal services improve international remittances?

The postal services have undertaken initiatives to upgrade their own products for international remittances. One solution mainly applied for traffic between Japan and the reviewed Asian postal services is the application offered by the UPU’s IFS.

Should postal financial services be revamped?

The offerings of postal financial services need to be revamped from single, fragmented products to integrated product packages including payment cards, savings, deposits, insurance, and eventually credit. It appears difficult to put what seems so obvious into practice.

When will post office counters be able to be used for banking?

Customers of the majority of the UK's biggest banks and building societies will be able to continue to use Post Office counters for basic banking until at least the end of 2025, as part of a new agreement announced today (Monday 31 January), making life easier for those who rely on cash.

Can postal savings be managed by a separate bank?

In some countries, postal savings are managed by separate state banks, as in Indonesia and Sri Lanka, whereas the Philippines manage through a separate subsidiary. Widespread consensus notes that postal networks could play a much stronger role in providing access to financial services, especially to unbanked poor and rural communities.

How important are postal financial services to sustaining postal networks?

Revenues from postal financial services are key to sustaining postal networks and contribute 30–50% of the total revenues of the postal services. A detailed revenue/cost break down on the relevance for the post office counter network is not available. Revenues from postal financial services are key to sustaining postal networks.