CFPB warns providers to stop junk fees on international money transfers

If you’ve ever sent money abroad, you’ll probably have seen ‘low’ or ‘no fees’ advertised, but then paid more and / or received less than what you expected. That’s because banks and providers often hide fees. One sneaky way they do this is by giving you a worse exchange rate than the one you find on Google and making good money off the margin. This has been common industry practice, and hardworking Americans have paid the price: U.S. consumers lost $15.4 billion in exchange rate markups over the last three years alone.

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