by Andrea Kerwin

According to the World Bank, migrants in the U.S. sent approximately $123,273,000 back to their home country in 2012. The transfer of money from someone in one nation to a person or business in another is commonly referred to as a remittance. The U.S. is the number one sender of international remittances of any country in the world.

As this is the case, it is important to note the protections afforded, and risks posed, to those who choose to send money to anyone abroad. According the Consumer Financial Protection Bureau, those who are classified as a remittance transfer providers must provide certain information to the consumer before they make a remittance transfer. They must provide:

• The exchange rate.
• Fees and taxes they collect from you.
• Fees charged by the company's agents abroad and certain other institutions involved in the transfer process.
• The amount of money expected to be delivered, not including foreign taxes or certain fees charged to the recipient, and when it will be available.
• If appropriate, a statement that additional foreign taxes and fees may be deducted from the remittance transfer.

by Stephanie Sampedro

Whether you are a new parent or your child is in high school, you probably are looking for ways to save some money for your child's future. Saving is not always easy and no matter how old your child is, it is not too late to start saving! You may want to save for your child's college education, or perhaps to send them to that summer camp they have set their hopes on - but whatever your savings goal for your child there are a number of banking products and services that exist to help you reach your goal! We compiled a list of accounts to help you save for your child's financial future. 

Continue reading about saving for you children here!