MCC 6539 - Money transfer 
Merchant Category Code 6539, known as "Money Transfer," is primarily utilized by businesses specializing in the electronic transfer of funds across different accounts or financial institutions. This includes domestic and international money transfer firms that facilitate the movement of money for individuals and businesses. Money transfer services have become essential in providing accessible financial services, helping to bridge gaps where traditional banking might not reach.
Types of Services
- Domestic Money Transfers: Services facilitating money transfers within the same country, such as peer-to-peer (P2P) transactions.
- International Remittances: Support for sending money across borders, vital for communities dependent on cross-border earnings.
- Prepaid Card Services: Issuance or funding of prepaid cards for consumers who may not have bank accounts.
- Mobile Wallet Transactions: Facilitating funds transfers via mobile applications and digital wallets.
- Bill Payment Services: Enabling users to pay utility bills, loan payments, or service charges through a money transfer system.
Related MCCs
- MCC 4829: Money Orders - Wire Transfer: Similar to MCC 6539 but specifically includes establishments focusing on money orders and wire transfers.
- MCC 6010: Member Financial Institution – Manual Cash Disbursements: Represents banks or credit unions that perform manual cash disbursements not classified under electronic transfers.
- MCC 6011: Member Financial Institution - Automated Cash Disbursements: Involves ATMs providing automated cash withdrawals, which can be complementary to money transfer services.
FAQs
- How is MCC 6539 used by financial institutions?
- Financial institutions use this MCC to classify and process transactions involving money transfers, ensuring correct transaction routing and classification. - What businesses most commonly use MCC 6539?
- Money transfer services such as Western Union, MoneyGram, and TransferWise commonly use this MCC for tracking and processing transactions. - Can individuals use services under MCC 6539 without a bank account?
- Yes, many money transfer providers offer cash pickup options or prepaid card services allowing transfers without requiring a bank account. - How does MCC 6539 facilitate compliance with financial regulations?
- This MCC helps businesses and governing bodies monitor and report on transfer activities for compliance with financial regulations such as AML (Anti-Money Laundering) laws.
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