Markets Wired

For the first time, the Federal Trade Commission, the nation’s consumer protection agency, is releasing consumer advice in six languages. A new consumer alert about wiring money is available in English, Chinese, Korean, Spanish, Tagalog, and Vietnamese.

“As the FTC tries to reach underserved communities, we want to give people useful information in a way that’s really helpful,” said David Vladeck, director of the FTC’s Bureau of Consumer Protection.

If you’re planning to send money to family or friends overseas, the FTC advises that you ask some important questions first, such as how much money your family or friend will get, will they receive US dollars or local currency, and how much it will cost to wire the money? Once you’ve wired the money, keep the receipt in case something goes wrong. If your family or friend did not get the right amount of money, report it to the money wiring business, and if the business doesn’t correct the problem, report it to the FTC at 1-877-382-4357 or ftc.gov/complaint.

The alert, which was produced in cooperation with The Appleseed Foundation, tells consumers how to protect themselves and their money while wiring it overseas.

To learn more, read the FTC’s Sending Money to Family and Friends Overseas in:

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics.  Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.

(Wiring Money)