GLOSSARY · VISA-HOLDER FINANCE
Remittance transfer cost
The full cost of sending money abroad: the stated fee plus the gap between the exchange rate a provider uses and the market rate, plus any tax collected. US rules require providers to disclose the rate, fees, taxes and the amount the recipient will receive before payment, so transfers can be compared on what arrives.
Also called: exchange rate markup, money transfer fee, remittance fee
LEARN IT PROPERLY
CHAPTER · TAXES, MONEY BACK HOME AND REPORTING · STRATEGIESSending and Receiving Money and Gifts Across BordersRELATED TERMS
SOURCES
- Regulation E, 12 CFR 1005.31, Disclosures (remittance transfers). Consumer Financial Protection Bureau.