The U.S. Postal Service Inspector General has issued a report suggesting that “the agency should enter or boost offerings in certain parts of the banking business.” The report includes international money transfers as a possible expansion area for the Postal Service. Currently, the agency only allows customers to wire money to nine Latin American countries. The current options only include four of the top ten countries abroad where Americans send money. Another option suggested is that the Postal Service join the Universal Postal Union’s International Financial System to help secure money transfers internationally.
Opposition is concerned that the report “promises cheap financial products for all consumers and gives an impression that banks and other financial companies are overcharging and need to be further regulated.” The Postal Service had no comment on the proposed solution to increase revenue.
Read more at Wall Street Journal