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If you’re among the millions of United States residents who each year send tens of billions of dollars to family, friends or foreign businesses overseas, here’s good news: The Consumer Financial Protection Bureau recently instituted new rules governing international electronic money transfers to better protect consumers against hidden fees and improve dispute resolution policies.
CFPB was given oversight over international money transfers as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Up until then, federal consumer protection rules did not apply to most “remittance transfers,” whose exchange rates, processing fees and taxes often vary widely and can be hard to decipher.
Here’s an overview of the new remittance transfer rules:
In general, most foreign money transfers for more than $15 sent by money transmitters (like Western Union and MoneyGram), banks, credit unions and other financial services companies that consistently send more than 100 international money transfers annually are covered.
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