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Immigrants in US will face more stringent rules, according to new money sending procedures unveiled recently.

Customers who send international money transfers will soon be entitled to clearer cost disclosures.
The Consumer Financial Protection Bureau on Friday issued new rules governing remittances, which are often used by immigrants to send money to family back home.

money ache, business, immigration, send money

The Washington Post reports that the rules also require companies to disclose any fees, the exchange rate and the amount that will ultimately be paid out to the recipient in local currency. Companies will also be required to investigate disputes and to give customers at least 30 minutes to cancel a transaction.

So what is it about money that triggers such strict rules? Mitt Romney has also been accused of using safe tax havesn to protect, well, his hard earned cash.

According to Wikipedia: Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment.

Money originated as commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money is without intrinsic use value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for “all debts, public and private”.

The money supply of a country consists of currency (banknotes and coins) and demand deposits or ‘bank money’ (the balance held in checking accounts and savings accounts). These demand deposits usually account for a much larger part of the money supply than currency. Bank money is intangible and exists only in the form of various bank records. Despite being intangible, bank money still performs the basic functions of money, being generally accepted as a form of payment.

My opinion about money is that it is that commodity that occupies a human mind the most, much, much more than sex or good health.

  1. January 22, 2012 at 12:01 pm

    Reblogged this on Climate Tech News.

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