You Have the Power
Do you send money to friends or family overseas? Or to a business? If so, as of right now, you have the power: to shop around, to make informed decisions, to cancel (OK, that power only lasts for 30 minutes, but it’s something), and to know where to complain.
That’s because a new rule is now in effect. Now you can shop around: the rule says you can go to a money transmitter and get — in writing — what it will cost you to wire money (fees, taxes, exchange rate), and how much money the person on the other end will get. It will look like this. You can take that and compare it with the deal other money transmitters will give you.
When you pick the best deal for you, you’ll get that same information in writing on your receipt, plus more. It will look like this. Be sure to keep your receipt, because it tells you what to do if you run into a problem, and where to file a complaint — with the company, with your state regulator, and with the federal government.
You can learn more about your rights under the new rule, about how money wiring works, and about how to avoid the kinds of money wiring scams we often hear about. In the meantime, enjoy your new powers. Use them wisely