New US Remittance Transfer Rule Helps Immigrants Send Money Home Dan Rutherford - CFPB
go to original November 3, 2013

The Consumer Financial Protection Bureau provides details on its web page at consumerfinance.gov

You have new rights if you send money to family or others outside the United States.

These protections come from a new rule that applies to electronic money transfers sent by consumers in the United States to people or businesses in other countries. In general, the rule covers transfers sent by companies – such as money transmitters, banks, credit unions, and other financial services companies – that consistently send more than 100 international money transfers each year.

Your Rights

• If you make transfers covered by the rule, you will receive a number of new protections, including free, upfront information about the exchange rate, fees, and taxes you will pay, and the amount to be received. Here’s an example of what you will see.

• You’ll also have the right to cancel transfers, generally within 30 minutes, at no cost.

• If there’s an error, you’ll have 180 days to report the problem to the company. Once you contact the company, it has 90 days to investigate the matter and tell you what it finds. In some cases, you could receive a refund or have the transfer sent again.

Read the rest at CFPB

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