What is a Remittance Transfer? A remittance transfer means the
electronic transfer of funds requested by a sender to a designated
recipient that is sent by a remittance transfer provider (including, but
not limited to, financial institutions). This includes transfers sent by
a natural person in the US to a natural person or business in a foreign
country. It applies to account holders and non accountholders and also
to transactions (such as wires) that are normally excluded from coverage
under Regulation E.
If a credit union chooses to offer wire transfers and ACH or other
electronic transfers to foreign countries, it must comply. Attend and
learn more about these new requirements.