NEWARK, N.J., Feb. 12, 2026 (GLOBE NEWSWIRE) -- A new federal excise tax on international money transfers funded with cash, money orders, or cashier’s checks went into effect on January 1, 2026. The cost of this tax, 1% of the amount transferred, will add up quickly for the millions of U.S. money transfer consumers who rely on international remittances to support loved ones overseas.
Fortunately, the BOSS Money international money transfer app enables customers to avoid the tax. BOSS Money is the remittance and payments brand of IDT Corporation (NYSE: IDT)
A Smart Way to Avoid the Tax: Go Digital
Because the tax applies only to transfers paid with cash or similar instruments but not to transactions funded with a debit card or bank account (ACH), customers can use the BOSS Money app to send money abroad without paying this new tax.
“The BOSS Money app has always made sharing with family and friends affordable,” said Michelle Rendo, head of marketing for BOSS Money. “If you don’t want to pay the new remittance tax, we invite you to try the BOSS Money app to send money transfers funded with your debit card or bank account.”
A Trusted, Cost-Smart Alternative
The BOSS Money app combines low rates, transparent pricing, and secure technology to offer a superior user experience with advanced features including:
- Debit and bank account (ACH) funded transfers to more than 50 countries;
- Transparent pricing with live fee and exchange-rate previews;
- Fast delivery options – often within minutes;
- Secure, encrypted transactions with fraud alerts, Face ID, and passcode login;
- Real-time transfer tracking with updates for both the sender and recipient;
- Multiple payout options including cash pick-up, mobile money, and in-country direct deposit to bank account and debit cards;
- Bilingual English/Spanish support;
- Refer-a-Friend program providing $25 rewards for successful referrals.
BOSS Money is consistently ranked among the highest-rated money transfer services with more than 110,000 five-star reviews, in total, on Google Play and the Apple App Store. In June 2025, FXC Intelligence named BOSS Money the top-rated money transfer app with a near-perfect 4.9 score.
About BOSS Money:
BOSS Money’s rapidly expanding international remittance service provides fast, secure and reliable money transfers for residents of the U.S. and Canada to popular destination countries in Latin America, the Caribbean, Africa, and South Asia. BOSS Money offers a robust menu of payout options including cash pick-up, mobile money, in-country bank account, and debit card direct deposit. Customers can remit funds through WhatsApp, the highly rated BOSS Money and BOSS Revolution apps, or through licensed Boss Money retailers. BOSS money is the remittance and payments brand of IDT Corporation (NYSE: IDT).
Contact:
IDT Corporation Investor Relations
Bill Ulrey
william.ulrey@idt.net
# # #
