New rules from the Consumer Financial Protection Bureau regarding remittance transfers took effect on Oct. 28, 2013. If you transfer money internationally through BBOK via wire, our system is now fully compliant with the new standards. This includes providing disclosures to consumers before they pay for the remittance transfer, and a disclosure that provides the customer required information, such as exchange rate, fees, taxes and arrival date.
To see if your bank is exempt, or for more information on the rule, visit www.consumerfinance.gov. Regardless, BBOK banks will remit all international wire transfers through the new system.
For a step-by-step international wire remittance guide, view the International Remittance PowerPoint on ABIL and ABIL Web.