MCC 6534 - Money transfer 
MCC 6534, commonly referred to as "Money Transfer," is designated for businesses focused on facilitating the movement of money between parties. This category includes organizations that enable the transfer of funds either domestically or internationally, encompassing personal and business transactions. Money transfer services are crucial for enabling financial inclusion and assisting in global commerce by offering convenient and accessible means for individuals and businesses to send and receive money.
Types of Services
- Remittance Services: Companies that specialize in transferring funds from individuals in one country to recipients in another, often serving immigrant populations sending money back home.
- Domestic Money Transfers: Services that facilitate fund transfers within the same country, catering to personal or business needs.
- Peer-to-Peer Payments: Platforms that allow individuals to send money directly to each other through digital environments, including mobile apps and online services.
- Bill Payment Services: Providers that allow users to pay bills electronically through their networks.
Related MCCs
- MCC 4829: Money Orders - Wire Transfer: Specifically for businesses handling wire transfers and money order services, often offered by banks and post offices.
- MCC 6012: Financial Institutions - Merchandise and Services: Encompasses financial services and products provided by banks and credit unions.
- MCC 6051: Non-Financial Institutions - Foreign Currency, Money Orders (not wire transfer), and Travelers Cheques: Includes businesses that deal with currency exchange and provision of travel-related payment methods.
FAQs
- What is the primary function of businesses categorized under MCC 6534?
- These businesses facilitate the transfer of money between individuals or businesses, both domestically and internationally. - Can these services be used for business transactions?
- Yes, these services are widely used for business transactions, especially for international payments and invoicing. - Are money transfer services regulated?
- Yes, money transfer services are regulated by financial authorities to ensure compliance with anti-money laundering laws and consumer protection standards.
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