The Office of Consumer Affairs and Division of Banks recently ordered two Florida-based companies to stop accepting money from Massachusetts consumers for foreign transmittal services.
According to a statement from the two agencies, authorities investigated InterTransfers Inc. and its wholly owned subsidiary Global Money Remittance Inc., after receiving complains that the agencies had not completed transmittals. Authorities found a combined 102 transactions totaling $231,531.60 had not been completed since March 19. A foreign transmittal agency is required to ensure that funds are sent to the intended recipients within seven days.
InterTransfers Inc. and Global Money Remittance Inc. have been licensed with the Division since August 2007 and April 2006, respectively, to offer foreign transmittal services through 52 authorized agent locations in the Commonwealth. Both companies primarily transmitted money to Brazil.
The order, which was originally a temporary order dated April 10 and became a permanent order in May, requires the companies to provide evidence that all money previously transferred have been completed with no loss to consumers or evidence that any money collected has been refunded.





