Sending Money To Loved Ones Should Be Safer: Sending International Money Transfers or Remittances

The new rules that are set to start in one year have been in the pipeline for a long time. Consumers who have relatives overseas needed some type of protection when dealing with all these international money transfers. Soon these companies will be subjected to the scrutiny of the federal consumer regulations. At least, somebody will be paying attention the practices of these money transfers. Everyone hopes that the sad stories of lost or vanished funds will stop. The hope is that hidden fees will be stopped for good.

Here is a brief summary of what's being reported in the news media thus far about the topic:

Customers who send international money transfers will soon be entitled to clearer cost disclosures.
The Consumer Financial Protection Bureau on Friday issued new rules governing remittances, which are often used by immigrants to send money to family back home.

The rules also require companies to disclose any fees, the exchange rate and the amount that will ultimately be paid out to the recipient in local currency. Companies will also be required to investigate disputes and to give customers at least 30 minutes to cancel a transaction.

The rules take effect after one year.

The CFPB, which was created as part of the nation's overhaul of financial regulations, was required by law to issue the rules on remittances by Jan. 21. International money transfers previously had not been subject to federal consumer regulations.

Frustrations with the industry include complaints about hidden costs, missing funds or funds that never arrive at all, according to Ruth Susswein, a spokeswoman for Consumer Action, an advocacy group. She said customers can also face difficulty getting companies to resolve such problems.

The CFPB noted that consumers transfer tens of billions of dollars from the U.S. to foreign countries each year. Richard Cordray, who was appointed as the agency's first director this month, noted that the new rules will help consumers compare prices and hold companies accountable for any errors.

"People sending money to their loved ones in another country should not have to worry about hidden fees," Cordray said.

A Western Union Co. spokesman, Tom Fitzgerald, said the company plans to be compliant with the rules by the effective date. He said the company already provides customers with disclosures on fees, exchange rates and payouts.

"We agree that consumers will benefit if all remittance providers are held to the same requirements," he said.

MoneyGram International Inc. also said in a statement that it gives customers information about fees and rates and responds to complaints in a timely manner. The company said it is reviewing the rules to see if any adjustments will be needed.

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The Dodd-Frank Wall Street Reform Act as presented by ConsumerFinance.gov/regulations.....

"The rules require companies to give a disclosure to a consumer before the consumer pays for a remittance transfer. The disclosure must list:
The exchange rate,
Fees, and
The amount of money to be delivered.
Companies must also provide a receipt or proof of payment that repeats the information in the first disclosure. The receipt must also tell consumers the date when the money will arrive.
Companies must provide the disclosures in English. Sometimes companies must also provide the disclosures in other languages.
Other protections
The rules also require that:
Consumers get 30 minutes (and sometimes more) to cancel a transfer. Consumers can get their money back if they cancel.
Companies must investigate if a consumer reports a problem with a transfer. For certain errors, consumers can get a refund or transfer without charge the money that did not arrive as promised.
Companies that provide remittance transfers are responsible for mistakes made by certain people who work for them.
Coverage
The rules apply to remittance transfers if they are:
More than $15,
Made by a consumer in the United States, and
Sent to a person or company in a foreign country.
This includes many types of transfers, including wire transfers.
The rules apply to most companies that offer remittance transfers, including:
Banks,
Thrifts,
Credit unions, and
Money transmitters."

50-year-old Mother with Bright Daughter Would Like to Pay Rent, Needs Your Help and Has Paypal Account

Please find a way to contribute something to this mother find solutions to her financial situation. She needs help with her rent.

"I am a 50 year old single mom with a ... year old daughter that just started high school, I work full-time and have been at my job for over 9 years.I have been financially struggling the past several months, no child support. My daughter is very bright, she's in the band, ROTC, Drama,Debate Team, and taking all honor classes...I am so proud of her and she deserves more and I don't have it to give to her because I am so behind on my bills by pushing things forward because of car problems and making sure that she has what she NEEDS first, most of the time I get food from my brother or go to the grocery store and know I don't have it but we have to eat.I have not finish paying band fees (still owe $285),rent behind, utilities late (paying half each time I get paid, $200), the only way that I can have a few dollars is pushing something forward....well I can't push anymore....just praying that it will get better. I have been in a very, very, depressed mood, living off overdraft and feel like I'm working for nothing. I don't want to go anywhere but to work and run my daughter back and forth to practice. If I could get help paying my rent which is $550 it will help me a whole. I get paid twice a month and sometimes once, If I could get the rent caught up I could get all my other bills back on schedule as my pay periods fall.I also have issues at work which does not make dealing with things any easier. If I could catch my rent up it will clear my mind tremendously and I can focus more on my daughter mentally instead of how am i going to pay this or that.The most important thing is I have noticed how distant I have been with her and she needs me mentally and physically, I want to be able to smile and joke around with here again instead of taking everything so personal...in which later i apologize to her and it is okay. I would like to thank you in advance and would appreciate whatever help we can get! Once I get back on my feet I would love to help someone else out....I really feel the pain.

Paypal Acct# tweety_1705@yahoo.com"

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27-year-old Female Needs Your Financial Assistance

Find a way to assist this young woman who is going through some hard financial times.

"
Hi. I am a 27 year old female in need of financial assistance. At the beginning of this year I ended up in the hospital with a very serious medical condition and in need of surgery. I was able to get the surgery but am still in need of medical care. I just can't ever seem to catch up and I have made serious budget cuts in all aspects of my life including food. I do still have a job and I am a very hard worker. It just seems I can never make enough. I hope someone reads this and is moved to help. I may be contacted at cekamman@gmail.com"

Used Items for Mexico & Deportees Needs Your Help; See Their Facebook Page

Please help this organization find used items. Here is their request:

"Used Items for Mexico & Deportees Have you or someone that you know been effected by the US deportations to Mexico? We are a family here in Tijuana that are here to help the deportees after they have been ejected or deported to Mexico. We help the people to find the official documents needed to get work or to use for transportation to their homes here in Mexico. Many come without Identification, means to claim money from family or friends or basic needs like, clothing shelter or even food. We help them get to the right places to get each of these necessities. We help find temporary jobs to earn bus fares and transportation monies. We do not provide legal immigration help but we can help the person(s) to find good sources. We need the donations to help with many of these services. We are always looking for people willing to transport the donations for free too Food, Money, Clothing, household items, transportation and or legal help! We can use it all. We need Blankets and Pillows . We also could use Scrap material and accessories to make our own. Any used sewing equipment is very much needed to repair used clothing and blankets.

http://www.facebook.com/donate.used.items.mexico"