Under federal law, remittance transfer providers are required to provide clear and readily understandable written disclosures of certain information concerning your remittance transfer.
Before you pay to send a remittance, the remittance transfer provider must disclose to you the following information:
- The applicable exchange rate;
- Any fees and taxes that the remittance transfer provider collects from you;
- Any fees charged by any third parties involved in the transfer process, including the remittance transfer provider’s agents or other companies involved in the transfer process;
- The total amount of money expected to be delivered (not including foreign taxes or certain fees charged to the recipient of the remittance); and
- A statement that additional foreign taxes and fees may apply.
Remittance transfer providers must also provide the following information after you pay to send the remittance:
- The date that the money will be available to the recipient;
- Instructions on your right to cancel the remittance;
- What to do in case there is an error with your remittance; and
- How to submit a complaint about your remittance.
In some cases, the remittance transfer provider may provide the above information in a single, combined disclosure. If they do so, all of the information must be provided to you before you agree to make the transfer, and the remittance transfer provider must also give you proof when the payment is made to the person you are sending the money to.
These disclosures must at least be provided in English. However, federal law also generally requires the remittance transfer provider to use your language on receipts and other disclosures if it uses your language in its advertising, sales, or marketing materials where you made the transfer, or if it made the transfer in your language.