Under the final rule, remittance transfer providers will be required to disclose certain fees and taxes, as well as the exchange rate that will apply to the transfer. The rule also provides consumers with error resolution and cancellation rights.
The proposed changes are narrowly targeted to address the rule’s provisions on:
- Disclosure of Foreign Taxes and Institution Fees
- Disclosure of Subnational Taxes in Foreign Country
- Errors from Incorrect Account Information: