Ensure that you avoid common scams and fraud
Phishing Scams: Scammers will pose as legitimate companies or government agencies and request that you send them funds.
Fake Emergency Requests: Fraudsters may impersonate your family members and ask for urgent help.
The CFPB provides resources at the following link to help you identify and prevent common scams and fraud: consumerfinance.gov/consumer-tools/fraud.
Minimizing Fees and Costs
Compare Providers & Check Official Resources: Exchange rates may vary between providers, but there are tools to help you figure out whether you are getting a good deal. For example, online comparison tools like remitfinder.com show you fees and rates from various services before you decide which remittance transfer provider to use. You should also review official resources published by the country you are sending money before agreeing to a price. For example, El Banco de México publishes a resource where you can find an average of price quotes from foreign exchange providers at any given time:
banxico.org.mx/tipcamb/main.do?page=tip&idioma=en.
Avoid Hidden Costs: Before you send a transfer, ask the remittance transfer provider if there are any additional fees, like cash pick-up charges. (Although, these should be disclosed up front).
Additional Tips for Safe and Informed Use
Double-Check Recipient Details: Errors in recipient names or account numbers can delay or cancel the transfer.
Understand Refund Policies: Ask about any refund options beyond those required by federal law before sending money.