New study finds immigrants in the Bronx may be getting ripped off
The NYC Department of Consumer Affairs found that Bronx immigrants may be paying too much to have money wired overseas.
Instead of using banks to make wire transfers, many immigrants rely on small transfer businesses, which are not regulated by the government. In its survey the consumer affairs department examined the transfer businesses and found that the price to send money can vary from $5 to nearly $40 for the same amount of money to the same destination.
In response to the study, officials met at Hostos Community College in an effort to see what can be done to protect immigrants. City and state officials say they want to protect the economic rights of Bronx immigrants because they are a vital part of the city and a major part of the workforce.
Some do believe that the wire transfer businesses are a valuable service to immigrants. But, officials want to be sure that immigrants know what they are paying for.