Selecting a Money Transfer Service: Money-Back Guarantee and Cancellations
You’ve settled in a new country and you’ve worked hard to make the most of a better employment opportunity. Perhaps your family is looking to you to help provide much-needed financial assistance and in turn, you are seeking the fastest and safest way to send your hard-earned money back home. Here are two items to consider when choosing a money transfer company.
Does the Money Transfer Company Offer a Money-back Guarantee?
This is a very important item to investigate. Check to confirm that the company you choose offers a money-back guarantee, thereby ensuring the money you send will be received by your recipient or they’ll refund your transaction in full. If you can’t find this information on their website, contact them and make sure it is an official part of their policy. If they don’t do it, don’t use them.
Cancellation & Refund Policies
On occasion, you may have reason to cancel a transaction after you have already sent your remittance. The right money transfer company will give you the option of requesting a cancellation and, ideally, the ability to track the status of that request online. With most money transfer companies, consumers may have up to 30 minutes after payment to cancel a transaction. If they cancel within the 30-minute window, they will get their money back, even if they make a mistake, change their minds or just don’t feel right about the transfer.
Timing is key here. If the money has not yet reached your recipient within the 30 minute window, your money transfer company should do everything in its power to honor your cancellation request and you should be eligible for a refund.
At Xoom, we understand just how important this remittance process is to the well-being of your families. That is why we were the first to adhere to the new Consumer Financial Protection Bureau’s regulations.