MCC 6540 - Money transfer 
Merchant Category Code 6540, commonly referred to as "Money Transfer," is primarily used to classify businesses engaged in the transfer of funds. This MCC covers a wide range of services that facilitate the movement of money from one party to another. Examples of businesses within this category include money remittance services, international and domestic fund transfer companies, and other entities providing person-to-person money transfer services.
Types of Services
- Remittance Services: Companies that enable individuals to send money across borders to friends or family.
- Peer-to-Peer (P2P) Transfers: Digital platforms that allow users to send money directly to others using mobile apps or online services.
- Bank Transfers: Traditional financial institutions facilitating wire transfers domestically or internationally.
- Payment Processors: Third-party services that execute payments for online and offline transactions on behalf of businesses.
Related MCCs
- MCC 4829: Money Transfer - Merchant: Focuses on merchant services related to money transfer without fee-related reporting.
- MCC 6010: Financial Institutions - Manual Cash Disbursements: Pertains to cash services provided by financial institutions in a manual process.
- MCC 6011: Financial Institutions - Automated Cash Disbursements: Related to ATM and other automated cash services.
FAQs
- What is MCC 6540 used for?
- MCC 6540 is used for businesses engaged in money transfer services, including remittance and P2P payment platforms. - Are online payment platforms included in MCC 6540?
- Yes, online payment platforms that provide money transfer services fall under this category. - How does MCC 6540 differ from MCC 6010 or 6011?
- MCC 6540 is specific to money transfers, while MCC 6010 and 6011 pertain to cash disbursements through financial institutions. - Do all banks fall under MCC 6540?
- No, only those providing specific money transfer services as described under MCC 6540 would be categorized here.
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