Diasporic Entrepreneurship in the Caribbean - Firm Profiles.pdf Vol 2 | Page 45

Remittance Firms

17. SURICHANGE
Company Background:
Surichange was established in the Netherlands
based on “A strong sense of Surinamese
identity to do something for the homeland”.
(Mathura, Managing Director) In the
Surinamese remittance sector, there are three
key players, namely: Money Gram, Western
Union and Surichange. Surichange accounts
for 80% of the remittance market in Suriname
and leads all other competitors.
Research indicates that it is the only company
in the world that leads two large remittance
international companies in the domestic
market. Surichange has 175,000 customer
visits annually. There are 8 outlets in the
Netherlands. Surichange has expanded into
other diasporic communities in Turkey,
Morocco, Aruba, Curacao, Eritrea, and The
Philippines.
Suri-Change Bank
Due to the development in the international
and local banking world, Surichange
decided to take positive action. In 1996, the
bureaucratic arrangements were initiated
for the creation of the Surichange Bank;
however operations did not begin until 2005.
This decision was taken after assessing the
added value, to be generated via joining with
another financial institution, which would
place the companies ahead of the competition,
especially in the field of remittances from
the Netherlands to Suriname. (Redjodikromo,
2007)
While the Bank focuses primarily on credit
portfolio accounts, 15% of total profits are
generated from remittance services. The
bank acknowledges an increase in diasporic
investments from the Netherlands due to the
low interest rates in the US. The funds coming
into the bank are mainly from the professional
and entrepreneurial classes seeking to invest
in sectors such as gold, tourism, building and
construction. Average remittance sent in per
transaction is 200 Euros.

A study executed by the World Bank and the
Dutch Ministry of Finance (November 2006)
states that Surichange Bank has a significant
part of the transfers of remittances market
(money from industrialized countries for
family in the country of origin). “Since 1986
we are active in this market and we took a
significant risk when nobody wanted to fill that
gap,” reports Chan Baidjnath Misier, Chairman
of the Supervisory Board. “Surinamers in the
Netherlands knew their relatives were having
a difficult time and wanted to help them; we
saw an opportunity and have not regretted
one moment that we tried to fill the gap. On the
contrary we now have a significant advantage
over others.”31
He clarifies that it is useless to take advantage
of our own countrymen if they want to
support their relatives; that explains why
Surichange always applied competitive rates
and is now offers the cheapest. The company
reports that, on a monthly basis, a significant
amount is transferred through the bank for
relatives in Suriname. “On an annual basis we
are talking about millions of Euros that we helped
pump into the economy. Just imagine that those
resources would be lost! ”32 The institution’s
management indicates that the bank will
soon start cooperating with a large Caribbean
Bank in Curaçao, so that it can cover through
that country the rest of the Antilles with its
activities for remittances. Further, plans are to
move to the Far East.

31 Redjodikromo, Martin. Surichange Bank Does Not Sleep.
Paramaribo: , 2007
32 Redjodikromo, Martin. Surichange Bank Does Not Sleep.
Paramaribo: , 2007

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