Payments News

ETA Joins Financial Trade Groups in Opposing Money-Transfer Tax To Fund Border Wall

Mar 04, 2019

The Electronic Transactions Association joined seven other financial trade groups in opposing a Republican-backed bill in the House of Representatives that would levy a 5% tax on cross-border money transfers to fund President Trump’s proposed border wall.

Introduced in January by U.S. Rep. Andy Biggs, R-Ariz., H.R. 85 would require money-transfer providers to collect a 5% “remittance fee” from the sender if the recipient is outside the United States. The money raised would go into a U.S. Treasury Department account holding funds to design and build “a barrier along the international border between the United States and Mexico,” the bill’s text says.

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