Sending money to another country (or home) is easier and generally less expensive today, compared to a decade ago. There are lots of options including money transfer companies; banks and credit unions; U.S. Postal Service; as well as debit and prepaid cards.
San Francisco-based Consumer Action released a document to help consumers navigate the options, lower costs and learn the regulations. The information sheet: “How to send money home: Tips for transferring money abroad” was assembled in response to recent changes to federal remittance rules. The new rules include: providing upfront disclosures about fees, the exchange rate and the amount to be received by the recipient; following prescribed error resolution procedures; and offering consumers certain refund and cancellation rights.
For example: you have the right to cancel a money transfer within 30 minutes (if the money has not already been received), with a right to a refund and you have 180 days to report a money transfer error to the company. The company then has 90 days to investigate the problem and respond. In some cases, you could receive a refund or have the transfer resent.
Consumer Action also reviews money transfer costs. For example, The U.S. Postal Service offers a wire transfer service—called Sure Money, or DineroSeguro—to Argentina, Colombia, the Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua and Peru. Additionally, “Directo a México,” a partnership between the U.S. Federal Reserve and Banco de México.
To view or download the document in English visit: http://www.consumer-action.org/english/articles/how_to_send_money_home#Topic_01
To view or download the document in Spanish visit: http://www.consumer-action.org/spanish/articles/how_to_send_money_home_sp
To view or download the document in Chinese visit: http://www.consumer-action.org/chinese/articles/how_to_send_money_home_ch
To view or download the document in Vietnamese visit: http://www.consumer-action.org/vietnamese/articles/how_to_send_money_home_vn
To view or download the document in Korean visit: http://www.consumer-action.org/korean/articles/how_to_send_money_home_ko