I want to use my bank or credit union to transfer money to someone in another country. Does the new federal law about international money transfers apply?
Answer: When transferring money to another country, new federal laws may apply depending on whether or not your bank or credit union qualifies as a remittance transfer provider and whether your transfer qualifies as a remittance transfer under federal law.
You can still transfer money internationally if your financial institution doesn’t qualify as a remittance transfer provider, but you may not receive the same rights and protections under federal law, including:
- Up-front information about certain fees and taxes and the exchange rate.
- A receipt that shows how much was sent and when the money would be available.
- The ability to cancel your transfer at no charge within a certain period of time.
- The right to have errors investigated and fixed.