Know The Facts Before You Wire Money
In light of a recent boycott of certain wire transfer companies that send money overseas for immigrant workers and tourists, State Treasurer Jack Markell today issued the following statement:
"Recent news reports document that across the country immigrant workers who send funds back home to their families are sometimes gouged by money-wiring services. Often time, the funds remitted back home are used for food, medicine or education. I urge anybody who contemplates wiring money overseas to search for a decent deal. There are a number of reputable financial services organizations which are happy to compete for the business of immigrants and others who need to send money overseas. This also applies to the families of college students studying abroad."
"I recommend that families ask the following questions:
- What fees are charged? Specifically, how much will the recipient actually receive in their account?
- Can I open a bank account in the United States and simply send along an ATM card to my relative in another country? If so, what fees will be charged on either end?
- Will my local U.S. bank agree to waive transfer fees if I open a particular type of checking or saving account?"
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