{"id":9475,"date":"2023-12-30T07:12:10","date_gmt":"2023-12-30T12:12:10","guid":{"rendered":"https:\/\/faisalkhan.com\/?page_id=9475"},"modified":"2023-12-30T07:12:15","modified_gmt":"2023-12-30T12:12:15","slug":"remittance-transfer-rule-30-minutes-rule","status":"publish","type":"page","link":"https:\/\/faisalkhan.com\/learn\/payments-wiki\/remittance-transfer-rule-30-minutes-rule\/","title":{"rendered":"Remittance Transfer Rule: 30 Minutes Rule"},"content":{"rendered":"\n
Sending money abroad, a practice known as remitting (or remittance), plays a crucial role in the global economy. In the US, however, it’s vital to understand the Remittance Transfer Rule<\/strong>, a federal regulation safeguarding consumers involved in international money transfers.<\/p>\n\n\n\n Legal Definition and Origin:<\/strong><\/p>\n\n\n\n The Remittance Transfer Rule, formally outlined in Subpart B of Regulation E<\/strong> of the Electronic Funds Transfer Act, originated from the Consumer Financial Protection Bureau (CFPB). Enacted in 2013, with amendments in 2020, this rule aims to provide transparency, error resolution mechanisms, and cancellation rights for consumers engaging in remittance transfers.<\/p>\n\n\n\n What the Rule Means:<\/strong><\/p>\n\n\n\n In simpler terms, the rule mandates remittance transfer providers (businesses facilitating international money transfers) to:<\/p>\n\n\n\n Who is Applicable?<\/strong><\/p>\n\n\n\n The Remittance Transfer Rule applies to:<\/p>\n\n\n\n How the Rule Works:<\/strong><\/p>\n\n\n\n Imagine you want to send money to a family member in your home country. Here’s how the rule comes into play:<\/p>\n\n\n\n Examples:<\/strong><\/p>\n\n\n\n Example 1:<\/strong> Sarah uses a money transfer app to send $500 to her brother in Brazil. Before confirming the transfer, the app clearly displays the exchange rate, fees, and estimated delivery time of 24 hours. Sarah confirms the transfer and receives a receipt. Within the 30-minute window, she receives an urgent message from her brother and decides to cancel the transfer. The app promptly refunds the full amount without issue.<\/p>\n\n\n\n Example 2:<\/strong> David sends $1,000 to his grandmother in India through a bank. Although the transfer initially appears successful, his grandmother doesn’t receive the money after a week. David reports the error to the bank within 180 days. The bank investigates and discovers a technical error at the receiving bank in India. They work with the Indian bank to resend the money, which reaches David’s grandmother within a few days.<\/p>\n\n\n\n Official Resources:<\/strong><\/p>\n\n\n\n Conclusion:<\/strong><\/p>\n\n\n\n The Remittance Transfer Rule empowers consumers in the US with transparency, cancellation rights, and error resolution mechanisms for international money transfers. By understanding this rule and utilizing the provided resources, you can send money abroad with confidence and protect your hard-earned money.<\/p>\n\n\n\n Remember, always choose reputable remittance transfer providers and carefully review the disclosures before initiating any transfer.<\/p>\n","protected":false},"excerpt":{"rendered":" Demystifying the Remittance Transfer Rule: A Guide for Money Transfers in the US Sending money abroad, a practice known as remitting (or remittance), plays a crucial role in the global economy. In the US, however, it’s vital to understand the Remittance Transfer Rule, a federal regulation safeguarding consumers involved in international money transfers. Legal Definition […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":3611,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"blocksy_meta":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable":" Demystifying the Remittance Transfer Rule: A Guide for Money Transfers in the US Sending money abroad, a practice known as remitting (or remittance), plays a crucial role in the global economy. In the US, however, it’s vital to understand the Remittance Transfer Rule, a federal regulation safeguarding consumers involved in international money transfers. Legal Definition and Origin: The Remittance Transfer Rule, formally outlined in Subpart B of Regulation E of the Electronic Funds Transfer Act, originated from the Consumer Financial Protection Bureau (CFPB). Enacted in 2013, with amendments in 2020, this rule aims to provide transparency, error resolution mechanisms, and…<\/p>\n","category_list":"","author_info":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable_v2":" Demystifying the Remittance Transfer Rule: A Guide for Money Transfers in the US Sending money abroad, a practice known as remitting (or remittance), plays a crucial role in the global economy. In the US, however, it’s vital to understand the Remittance Transfer Rule, a federal regulation safeguarding consumers involved in international money transfers. Legal Definition and Origin: The Remittance Transfer Rule, formally outlined in Subpart B of Regulation E of the Electronic Funds Transfer Act, originated from the Consumer Financial Protection Bureau (CFPB). Enacted in 2013, with amendments in 2020, this rule aims to provide transparency, error resolution mechanisms, and…<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num_v2":"0 comments","yoast_head":"\n\n
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