ALEXANDRIA, Va.—NCUA has released a new video and brochure to help consumers learn about their rights and protections when sending money internationally.
The video, available here, and brochure offer an overview of consumer protections provided under a rule issued by the Consumer Financial Protection Bureau. Consumers can also find basic information on sending money domestically and internationally on NCUA’s dedicated Wire and Remittances Transfer page, NCUA stated.
NCUA explained that consumers who use remittance services offered by certain covered remittance providers are entitled to a number of protections, including:
- Disclosures showing actual exchange rates, fees, and the amount of money to be delivered in the local currency before the consumer makes a payment;
- A receipt confirming the payment;
- The right to cancel the transaction within 30 minutes of making the payment; and
- The right to dispute errors and have them resolved.