I understand that companies must correct certain errors in international money transfers. What types of errors are covered?

When federal law applies to an international money transfer, consumers have the right to have certain errors corrected. Errors that remittance transfer providers must correct generally include:

  • Payment of the wrong amount
  • Mathematical or bookkeeping errors
  • Failure to deliver the proper amount of money
  • Failure to deliver funds on time
  • Failure to deliver funds to the right person
  • Failure to deliver the funds at all

If one of these types of errors did occur, you may be able to choose between a refund or resending the funds to the recipient.

If the error occurred because you provided the provider incorrect information, by giving wrong account information, for example, in some cases, the company may not be required to refund or resend the money.

You may also have the right to receive copies of documentation relating to your money transfer.

These requirements do not apply to every company that sends money internationally. But other protections may be available to you, depending on how you send the money and the laws in your state. Contact your state attorney general  for more about your state’s laws.

Tip: Contact the provider about a suspected error as soon as possible. The sooner you start the process, the sooner it may be resolved. You have 180 days from the date the money was supposed to be available to contact the provider. This date of availability is printed on your money transfer receipt.

,When federal law applies to an international money transfer, consumers have the right to have certain errors corrected. Errors that remittance transfer providers must correct generally include: Payment of the wrong amount Mathematical or bookkeeping errors Failure to deliver the proper amount of money Failure to deliver funds on time Failure to deliver funds

This article by the CFPB was distributed by the Personal Finance Syndication Network.

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