C-665
Second Session, Forty-first Parliament,
62-63-64 Elizabeth II, 2013-2014-2015
HOUSE OF COMMONS OF CANADA
BILL C-665
An Act to amend the Bank Act (international remittance transfer fees)
first reading, April 2, 2015
Ms. Nash
412030
SUMMARY
This enactment amends the Bank Act to limit the fees relating to international remittance transfers that a bank may charge to an individual and to require that information regarding those fees be disclosed to the individual. 
Available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
2nd Session, 41st Parliament,
62-63-64 Elizabeth II, 2013-2014-2015
house of commons of canada
BILL C-665
An Act to amend the Bank Act (international remittance transfer fees)
1991, c. 46
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. The Bank Act is amended by adding the following after section 448.2:
International Remittance Transfers
Definitions
448.21 The following definitions apply in this section and in sections 448.22 to 448.26.
“international remittance transfer”« transfert international de fonds »
“international remittance transfer” means a transfer of funds on behalf of an individual from within Canada to an individual outside Canada.
“standard exchange rate”« taux de change normal »
“standard exchange rate” refers to the exchange rate set by a bank in accordance with any regulations made under section 448.26.
Application
448.22 Section 448.21, sections 448.23 to 448.26 and the regulations made under section 448.26 apply in respect of international remittance transfers made by a bank on behalf of an individual acting for personal, family or household purposes through any person or entity and by any means, including an electronic funds transfer network or an alternative remittance system.
Limit on fees 
448.23 No bank shall charge an individual a fee for an international remittance transfer that, subject to regulations made under paragraph 448.26(b), is more than five per cent of the amount that is transferred.
Limit on exchange rate
448.24 No bank shall apply an exchange rate for an international remittance transfer that is more than the standard exchange rate.
Disclosure
448.25 No bank shall provide international remittance transfer services for an individual unless the bank has disclosed to the individual, in accordance with any regulations made under section 448.26,
(a) the fee limit that is described in section 448.23;
(b) the fees payable for the international remittance transfer including, if known, the total fees payable;
(c) the exchange rate, if any, applied to the international remittance transfer;
(d) the standard exchange rate; and
(e) any other prescribed information.
Regulations
448.26 The Governor in Council may, on the recommendation of the Minister of Finance and after consulting the Commissioner of the Financial Consumer Agency of Canada, make regulations
(a) respecting the basis on which the fee referred to in section 448.23 is determined;
(b) increasing or decreasing the fee limit referred to in section 448.23;
(c) respecting the exchange rate applied in accordance with section 448.24, including a means to ensure that the exchange rate applied to any international remittance transfer does not exceed the latest exchange rate charged by that bank for purchasing currency;
(d) prescribing rules in respect of disclosure for the purpose of section 448.25; and
(e) prescribing information to be disclosed for the purpose of paragraph 448.25(e).
Published under authority of the Speaker of the House of Commons