New Resources Educate Consumers about Rights When Sending Money Abroad
ALEXANDRIA, Va. (July 15, 2016) – Consumers have new ways to learn about their rights and protections when sending money internationally through a new video and brochure released today by the National Credit Union Administration.
The video, available here (opens new window), and brochure (opens new window) offer an overview of consumer protections provided under a rule (opens new window) issued by the Consumer Financial Protection Bureau (opens new window). Consumers can also find basic information on sending money domestically and internationally on NCUA’s dedicated Wire and Remittances Transfer (opens new window) page. All resources are available in Spanish (opens new window).
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.
Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within the communities they serve, NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission, an interagency group created by Congress to improve the nation’s financial literacy and education.