Money Transmitter Services
HOW TO WIRE MONEY SAFELY, SAVE ON RATES & FEES AND AVOID FRAUD

Always Use a Licensed Money Transmitter - Check the Signs!

In order to do business in New York, a money transmitter must be licensed by the New York State Banking Department. Money transmitters operate through a network of branches or agents - these are the storefronts or businesses that advertise money wiring services.

While agents of money transmitters are not required to be registered or licensed by the New York State Banking Department, they must have a written contract with a licensed money transmitter to act as an agent. Agents must display a notice showing their name and indicating that they are a contracted agent of a licensed money transmitter.

To find out if a money transmitter is licensed to do business in New York, visit the Banking Department's Web site at www.banking.state.ny.us/simoneyt.htm

Always Get a Receipt for your Transaction

Having a receipt makes it easier to trace the transaction and to resolve any dispute that may occur. The receipt should include all of the following:

• the name and principal (or headquarters) address of the licensee;
• the type of transmission activity the licensee is authorized to engage in;
• a telephone number for any questions and/or complaints;
• that the business has a valid license and is regulated by the New York State Banking Department;
• that unresolved complaints may be mailed to the Banking Department's Consumer Help Unit;
• a statement of the liability of the licensee for non-delivery or delayed delivery;
• a statement of the refund policy of the licensee;
• the dollar amount of transmission; and
• the fee charged.

What other types of information should I ask about?

Some money transmitters may charge additional or hidden fees. Ask if there are other fees that may be charged to you and/or to the person to whom you are sending the money.

If you are sending money to a foreign country and not asking for the transaction to be delivered in US dollars, ask about the licensee's foreign exchange policy. If an exchange rate is not disclosed, ask the amount the beneficiary is to receive.

Find out before you make your transaction if there is a time limit for filing a refund claim in the event of delayed payment or failed delivery.

Shop Around for the Best Currency Exchange Rate and the Lowest Fees

Money transmitters charge different fees and may offer different exchange rates. Comparison shop. Ask the money transmitter or its agent about the fees to be charged and its foreign exchange policy.

To file a complaint, find out if a money transmitter is licensed to do business in New York or to report an unlicensed money transmitter call us at 1-877-BANK-NYS or visit our Web site. We are here to help.