Free Video: Consumer Rights When Sending ​​Money Abroad Posted by Association of Vermont Credit Unions on 9:27 AM

NCUA has released a new video and brochure that credit unions can use to help educate consumers about their rights when sending money abroad. The resources provide an overview of remittance transfer protections provided to consumers under a rule issued by the CFPB.

Consumers have new ways to learn about their rights and protections when sending money internationally through a new video and brochure by the National Credit Union Administration.

The video and brochure​ offer an overview of consumer protections provided under a rule issued by the Consumer Financial Protection Bureau. Consumers can also find basic information on sending money domestically and internationally on NCUA’s Wire and Remittances Transfer page. All resources are available in Spanish​.

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.

Watch the video below.