MCC 4829 - Money transfer

MCC 4829, known as "Money Transfer," is designated for businesses that facilitate the transfer of funds electronically between parties. This category encompasses a wide range of financial services, focusing primarily on enabling individuals and businesses to send and receive money conveniently. Companies within this MCC often include money remittance services and digital payment platforms.

Types of Services

• Remittance Services: Facilitating cross-border money transfers for individuals, often utilized by expatriates sending money to their home countries.
• Digital Wallets: Enabling users to store funds digitally and make transfers to other accounts or merchants via mobile or online platforms.
• Bank Transfers: Offering supplementary services for electronic bank transfers between accounts domestically and internationally.

Related MCCs

• MCC 6010: Financial Institutions – Manual Cash Disbursements: Covers cash advances and disbursements made at financial institutions.
• MCC 6011: Financial Institutions – Automated Cash Disbursements: Applies to ATM withdrawals and other automatic cash withdrawals.
• MCC 6051: Non-Financial Institutions – Foreign Currency, Money Orders (not wire transfer), and Travelers Cheques: Relates to businesses providing currency exchange and non-wire money orders.

FAQs

• What is the primary use of MCC 4829?
  - MCC 4829 is used to identify and categorize transactions made through money transfer and remittance businesses.
• Who typically uses services under this MCC?
  - Individuals and businesses needing to send money internationally or manage payments electronically.
• Are transactions under MCC 4829 subject to high scrutiny?
  - Yes, due to the nature of the business, transactions may undergo additional regulatory scrutiny to prevent fraud and money laundering.

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MCC Categories

Agricultural Services   Airlines   Business Services   Car rent   Cars and vehicles   Clothing stores   Contract services   Entertainment services   Government Services   Hotels / Resorts   Mail / Telephone Sales   Membership оrganizations   Miscellaneous Stores   Not categorized   Personal services   Professional services   Repair services   Retail Outlet Services   Service provider   Transportation Services   Utility Services   Wholesale suppliers and manufacturers