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.