The Wire Transfer Fairness and Disclosure Act of 1999 would require financial institutions that initiate money transfers to disclose the exchange rate of the foreign agency involved in the transfer, the rate of a major financial institution of that country, and all commissions and fees. The bill also requires that the consumer's right to have this information be displayed inside and outside the place of business as well as disclosure in advertising. Money Orders Money orders are far cheaper than electronic transfer and thus provide a far more cost-effective means of remittance. Another problem exists for the recipient of such transfers. For those without accounts, Mexican banks charge fees for cashing checks and money orders.
Theft continues to be a major problem with remitting by money order.
With so much money being transferred, criminals have learned that stealing money orders is a low-risk business. A major reason is that it takes such a long time for the money order to reach the recipient. The time period can be several weeks, and by the time the money orders are determined missing it has already been cashed for some time, severely limiting any investigation. This created a significant problem for the United States Postal Service in 1997. In November of that year, several major Mexican exchange houses refused acceptance of all postal money orders.