CFPB Targets Hidden Fees in International Transfers
The U.S. Consumer Financial Protection Bureau (CFPB) has cracked down on misleading “free” international money transfer claims where providers instead hide costs via inflated exchange rates—so-called “junk fees.” American consumers have lost up to $15.4 billion in such markups over the past three years alone .
In a recent enforcement action, the CFPB fined Wise US nearly $2.5 million—including $450,000 in consumer redress—for deceptive practices like misrepresenting ATM fee benefits, unauthorized exchange rate markups, and delayed fee refunds .
DogPay’s Response: Ensuring Transparent, Compliant Transfers
Amid tighter global enforcement and evolving consumer rights, DogPay upholds a clear promise to eliminate “junk fees” through:
- Total Cost Transparency Clear, upfront visibility into exchange rates and all fees—no hidden margins or surprises in payments.
- Truthful, Compliance-Aligned Messaging Marketing reflects the true cost of transfers, rejecting misleading “no fee” claims that hide costs under the guise of caller slogans.
- Instant Refund Automation Built-in error handling and refund mechanisms ensure users receive compensation promptly for failed or delayed transfers.
- Policy Integrity Meets User Protection DogPay adheres to high internal standards and regulatory frameworks (e.g., EFTA), reinforcing integrity and trust in user experiences.
By embedding transparency and compliance into its structure, DogPay stands as a tangible alternative—one where global transfers are fair, clear, and user-centered.
