Governor Bryan Seeks Input Before Taking Action on Wire Transfer Tax Bill Amid Strong Community Concerns

Concerns mount over 3% wire transfer tax impacting both bank transactions and money transfer services like MoneyGram and Western Union

Governor Albert Bryan Jr. addressed the public on Monday concerning the recently passed legislation that imposes a 3% wire transfer tax on transactions to foreign destinations. The bill, which was approved by the Senate during its final push to complete budget appropriations for FY2025, has sparked widespread concern.

“I've been receiving a lot of calls about the 3% wire transfer tax on transactions sent overseas,” Governor Bryan said, referencing the legislation. While he has yet to review the final version of the bill, the governor believes that its main focus was on services like MoneyGram and Western Union, commonly used to send money abroad. “The aim was to place a tax on services like MoneyGram and Western Union, which see a lot of money leaving the territory for foreign destinations.