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Send Money Through International Wire Transfer

Right now, immigrants who live at the USA send us much as US$ 30 billion to their families in their countries of birth. For many of the third world countries this money has become an important flux of dollars for their impoverished economies.
For example, almost 50% of the Hispanic immigrants in the USA send money to their families. For this reason a lot of financial institutions have seen the importance of this market, and created specific services for it. So, international wire transfer has become much simpler and cheaper.

Unfortunately, other kind of individuals started to take advantage of this service and use it for illegal means. Because of this, the Department of the Treasury's Financial Crimes Enforcement Network (also known as FinCEN) and the Federal Reserve Board implemented a series of wire transfer rules to the companies that offer this service. The first, and most important one, is that bank and non-bank organizations have to collect information regarding transfers of US$ 3000 or more. The second rule is that a package of basic information about the transfer has to be available for all the financial institutions that have been part of the transaction.

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These rules have been issued as part of the Bank Secrecy Act, which is an important part of the efforts made by the Treasury to detect money laundering operations and other kinds of financial crimes.

So, if you want to send your family back home some money, consult your local bank or wire transfer company about the services they offer and their different costs. And if you want to make domestic wire transfers, you should work with your bank. It may give you a discount price on your money wire transfer or other benefits like an insurance policy or the option to make the transfers via web with no cost.







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