If you send money abroad. consider the following first before sending any money overseas no matter which money transmitters or payment provider you use including banks and credit unions and foreign exchange companies. All companies that provide a “remittance payment service.” must provide consumers general information before they can offer remittance transfers.
- The exchange rate.
- Fees and commission charges and taxes they will charge.
- Any additional fees that will be charged by the company’s agents abroad or bank involved in the transfer process.
- The amount of money expected to be delivered,
- Total charges including foreign taxes or fees charged to the recipient.
- Conformation of transfer and statement showing complete breakdown including rate of exchange and all fees charged from the remittance currency payment.