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Baroness Kramer (LD)

Speaking in the House of Lords on 28 November 2024

Debate

International Banking: Payments

Contribution

My Lords, because of my complex family, I need to transfer funds across international borders several times a year. The system assumes I am a terrorist, the banks have rip-off charges and exchange rates and obstructive technology. Even the new online apps, for which I had high hopes, have very severe limitations. Do western Governments, including ours, understand that if they fail to remedy this absolutely hapless international payments system, and the BRICS devise any international payment that is even halfway efficient and reasonably priced, users will simply flock to the BRICS system out of sheer frustration?

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