IDT Corp’s BOSS Money helps senders avoid 1% remittance tax

The company said, “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 Corp (IDT)oration. 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, customers can use the BOSS Money app to send money abroad without paying this new tax.”