Are there any laws that protect the sender if he/she sends money to someone in another country?
Yes, there are federal consumer protection law and other state laws that every remittance transfer companies must abide by. Under these laws, every remittance service provider must provide certain information to the consumer before and after they use their services.
This information includes :
- Total fees
- Exchange rates
- Applicable Taxes
- Exact amount of money to be received by the recipient
- Approximate transfer time
- Instructions to cancel the transaction
Starting October 28, 2013, new protection & new rights are in a place under Federal law to gain more information about the transfer.
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Money Transfer FAQ's
