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Released: January 20, 2012
New rules for international money transfers
Source: Candice Choi, Associated Press (Dayton Daily News)
Customers who send international money transfers will soon be entitled to clearer cost disclosures.
The Consumer Financial Protection Bureau on Friday issued new rules governing remittances, which are often used by immigrants to send money to family back home.
The rules also require companies to disclose any fees, the exchange rate and the amount that will ultimately be paid out to the recipient in local currency. Companies will also be required to investigate disputes and to give customers at least 30 minutes to cancel a transaction.
Read Full Article: New rules for international money transfers
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