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?
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.