Beware of Unlicensed Money Transmitters! En español
When sending money to family and friends, choose money transmitters carefully! Maryland law requires:
- Money transmitters to be licensed and have an insurance bond to cover the loss if your money does not reach its destination.
- Legitimate money transmitters must display their Maryland license on the premises and show it to the customer if requested.
- Do not do business with anyone working out of a car, parking lot, apartment or home that does not appear to be a legitimate business.
- Use only licensed money transmitters.
From the Maryland State Office of the Commissioner of Financial Regulation .
Western Union and MoneyGram are some of the companies that offer money transmitting services. An individual can go to one of these locations with cash, and the recipient can pick it up at another location within a short period of time. There are fees associated with these transactions, and you cannot guarantee that the intended recipient will get the cash. As the FTC’s settlement with Western Union shows, many scams are conducted using these services, as once the money has been picked up, there is no easy way to get it back.