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Sending money to another country, new rules from CFPB protects you the consumer

Do you send money to his family, friends, or other people in another country? Are you thinking of sending money abroad?

The new Consumer Financial Protection Bureau's (CFPB) mission is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.

Excerpt from CFPB click for more info

We are the CFPB, a new federal agency that protects consumers and ensures that the financial products and services work for all in America. UU., Including sending money to another country. We want you to have the information you need to make the best financial decision for you and your family.

Your Rights
When you send money to another country, in most cases, has new federal rights that protect it, including the right to:

  • They give your money to the right person or company.
  • Receive information about (before paying, and after the transfer is made):
    • the exchange rate (if any)
    • garifas certain
    • taxes
    • amount to be received
  • Cancel a transfer, usually within a shipment at no cost 30 minutes.
  • Report a problem to the company within 180 days and have it investigated. The company has to examine the problem within 90 days and report the result to you.
    • In some cases, you can get a refund or to transfer to be sent again.
  • If you have problems sending money, contact the CFPB.

These are examples of information that most companies are required to give you before and after sending money.


Before paying 
Before sending the money, you will see:

  • The amount paid out of pocket.
  • The rate of change, if any.
  • Total for the recipient (ie, the amount to be received).

After paying
After sending the money, you will see:

  • When the money is available
  • What to do in case of an error
  • Making a complaint
  • Exchange rate, if any
  • Total for the recipient (ie, the amount to be received)
  • Instructions about your right to cancel transfers
  • Making a complaint, including information to contact the CFPB and, in some cases, a state regulator

Compare Costs
We want you to have all the information you need to decide which company is best for you.

Before sending money, companies have to provide information on the rate of change (if any), taxes collected by the company, certain fees and the amount received by the recipient. At this point, you can stop the transfer. You can use the information to compare the amount received as many companies as you want. This will help ensure that you choose the right company for you and your family.

For information about pricing, try these websites that give national and regional rates:

  • Central America
  • Haiti
  • Africa
  • Pacific
  • World

The CFPB is not responsible for these sites and to identify them as potential sources of information does not support them.

If you think you may have a problem, call the CFPB at: (855) 411-2372 and press 2.

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