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Foreign wires disclosure info

What are the main items of information that must be disclosed before a consumer pays for a foreign remittance transfer?

(1) The amount to be charged by the provider of remittance transfer services, broken down into the amount of the transfer and any fees or taxes to be imposed by the provider; (2) the exchange rate, if any; (3) the transfer amount to be received by the recipient; (4) covered fees and taxes to be imposed by anyone other than the provider; (5) a net amount to be received by the recipient, and (6) the date the recipient can expect to obtain the funds.

Learn more about John Burnett’s webinar Remittance Transfers Update

First published on 02/16/2020

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