Remittance transfer

An electronic transfer of money that a consumer in the U.S. sends to a person or business in another country — the category that includes international wires and many money-transfer-app payments abroad. Under the CFPB's remittance transfer rule (implementing the Electronic Fund Transfer Act), covered transfers of more than $15 carry extra protections: the provider must disclose the fees and exchange rate up front, give you a receipt, and let you cancel at no charge within 30 minutes of payment so long as the money has not yet been delivered. That short cancellation window is a rare exception to a wire's usual finality, and the rule applies to covered consumer international transfers, not to ordinary domestic wires.