MCC 6538 - Money transfer 
MCC 6538 is designated for businesses that are primarily engaged in the transfer of money, allowing individuals and organizations to move funds across different platforms or locations. This code is essential for companies facilitating personal remittances, business payments, and other monetary transfers. The primary purpose of this MCC is to categorize enterprises providing such financial services, including remittance companies, money transfer businesses, and similar entities.
Types of Services
- Remittance Services: Facilitating the transfer of money for individuals working abroad who wish to send money to family in their home countries.
- Peer-to-Peer Transfers: Enabling person-to-person payments through digital wallets and online platforms.
- Cross-Border Business Payments: Assisting businesses in executing international payments with ease and compliance.
- Bill Payments: Providing a platform for individuals to pay various bills like utilities, rent, and tuition, both locally and internationally.
Related MCCs
- MCC 4829: Money Orders-Wire Transfer: Pertains to companies offering wire transfers and money orders as their primary service.
- MCC 6012: Financial Institutions—Manual Cash Disbursements: Centers on disbursements of cash or equivalent transactions carried out manually by banks and financial institutions.
- MCC 9402: Postal Services-Government Only: Covers financial transactions through government postal services, which may offer money orders and other remitting services.
FAQs
- What types of businesses primarily use MCC 6538?
- Businesses that facilitate the transfer of money, such as remittance services, peer-to-peer payments, and international business payments, typically use this MCC. - Is there a difference between MCC 6538 and MCC 4829?
- Yes, MCC 4829 specifically targets wire transfers and money orders, whereas MCC 6538 has a broader scope that includes various types of money transfer services. - Can online platforms use MCC 6538?
- Yes, online platforms like PayPal and Wise that offer money transfer services can use this MCC.
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