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Why does the exchange rate matter?

Short answer

Providers often add a markup to the exchange rate, which can cost more than the fee. Compare the amount received.

Rules differ by state. This is general information, not legal or professional advice.

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Official sources

CFPB: sending money abroad (remittances)consumerfinance.gov
FTC consumer advice: money transfer scamsconsumer.ftc.gov
NCUA: find a credit unionncua.gov