Be advised, under theConsumer Financial Protection Bureau’s (CFPB’s) new Remittance Transfer Rule that went into effect October 28, 2013, consumers who send applicable money transfers internationally from the United States and Territories will receive the following protections:
Information on required exchange rates, fees, and taxes
Detailed receipts that contain, among other things, information on the amount that will be received by their intended recipient
An automatic right to cancel a transfer within thirty (30) minutes, at no cost, so long as it hasn't been disbursed by the provider
Detailed error-resolution rights and remedies
If you have additional questions or concerns regarding new protections contained within this new Remittance Transfer Rule, you can access the CFPB website in both English and/or Spanish.
For further clarification, you can download this helpful CFPB document about sending money abroad. The CFPB also hosts open discussion on the subject at their blog site located here.
As always, if you have questions about transferring money, or anything related to Dodd-Frank compliance, contact MoneyGram anytime. Consumer protection information is also available to you on our site.
Same Day money transfer: Funds will typically arrive for cash pickup 10 minutes after the transfer is sent. Transfers can be picked up at any MoneyGram location in the designated country, state or province. Subject to agent availability, hours of operation, and local regulations.
Account Deposit money transfer: Funds will be sent for deposit to the designated receiver's account
Pay with your U.S. bank account'
Economy money transfer: Funds will typically arrive for cash pickup 3 business days after the transfer is sent. Transfers can be picked up at any MoneyGram location in the designated country, state or province. Subject to agent availability, hours of operation, and local regulations.
Account Deposit money transfer: Funds will typically be released for transfer within three business days after the transfer is sent and deposited to the designated receiver's account
Transfer fees vary based on the service option and transfer amount. Prices are subject to change.
In addition to applicable Fees, MoneyGram also makes money when it changes your dollar to foreign currency. Currency is converted at an exchange rate set by MoneyGram or its Agents. Please see the terms and conditions or call MoneyGram at 1-800-MONEYGRAM for more information regarding currency exchange.
Payout in a currency other than EUR is available only at select agent locations and subject to availability of the currency at the time the transfer is picked up. Other Fees and Other Taxes may also be applicable.