Your rights when you send a remittance from the United States

Which transfers are covered

The Consumer Financial Protection Bureau (CFPB) describes a remittance transfer as an electronic transfer of more than US$15 sent by a consumer in the United States to a person or company in another country ¹. The rules are in Subpart B of Regulation E, 12 CFR Part 1005 ².

A company is not a remittance transfer provider if it made 500 or fewer remittance transfers in the prior calendar year and makes 500 or fewer in the current year ¹. The federal protections on this page do not apply to transfers sent through such a company ¹. Other protections may apply depending on how you send money and your state's laws ¹.

What you must be told before you pay

Section 1005.31 sets out the prepayment disclosure ². The provider must give it when you ask for the transfer and before you pay ².

• The transfer amount in the currency you pay with ².
• Fees and taxes the provider charges, listed separately ².
• The total of the transfer amount, fees and taxes ².
• The exchange rate used ².
• Covered third-party fees, in the recipient's currency ².
• The total the recipient will get, in the recipient's currency ².
• A statement that other third-party fees or foreign taxes may apply, where that is so ².

What the receipt must show

The receipt repeats the prepayment items and adds the date the money will be available abroad, the recipient's name, and a statement of your error and cancellation rights ². It must give the provider's name, phone number and website ². It must name the state licensing agency and the CFPB, with their phone numbers and websites, including the CFPB toll-free number ².

In most cases the receipt is due when you pay ². For a transfer made only by telephone, the provider may mail or deliver it no later than one business day after payment ². A provider may combine the prepayment items and receipt items in one disclosure given before payment, then give proof of payment ².

Providers may estimate some figures if they label them as estimates ¹. As a rule, disclosures must be in your language if the provider advertises or sells in that language where you send the transfer ¹.

Cancelling a transfer

Under section 1005.34 the provider must honor a cancellation request it receives no later than 30 minutes after you pay ³. The request must let the provider identify you and the transfer ³. The money must not yet have been picked up by the recipient or deposited into the recipient's account ³.

The provider must refund the full amount you paid, including fees and, where the law allows, taxes, at no extra cost ³. The refund is due within three business days of your request ³.

Reporting a mistake

Section 1005.33 covers errors ⁴. They include being charged the wrong amount, a math or bookkeeping error, the recipient not getting the disclosed amount, and the money not being available by the disclosed date ⁴. A request for documentation or clarification is treated under the error rules too ⁴.

You must tell the provider no later than 180 days after the disclosed date of availability ⁴. The CFPB advises contacting the company as soon as possible if you think there is a mistake ¹.

The provider must investigate and decide within 90 days of your notice ⁴. It must report the results, with the remedies available, within three business days after it finishes ⁴. Once you choose a remedy, it must correct the error within one business day, or as soon as reasonably practicable ⁴. Remedies include a refund or sending the correct amount to the recipient at no added cost ⁴. The provider may not charge for any part of the error process ⁴.

Where to complain

The CFPB takes complaints about money transfers, virtual currency and money services ⁵. You can file online or call (855) 411-2372 ⁵. The CFPB sends complaints to the company, and says most companies respond within 15 days ⁵. If another agency is better placed to help, the CFPB forwards the complaint and tells you ⁵.