MCC 6532 - Money transfer 
The Merchant Category Code (MCC) 6532 is designated for businesses engaged in money transfer services. This code is primarily used for organizations that facilitate the transfer of money between individuals or from individuals to businesses, both domestically and internationally. Companies utilizing this MCC operate within the financial services sector, often focusing on moving funds swiftly and securely across various platforms.
Types of Services
- Domestic Money Transfers: Services that allow individuals to send money locally, usually within the same country.
- International Money Transfers: Enabling cross-border transfers, often adjusted for currency exchanges, between different countries.
- Online Transfer Services: Digital platforms that provide electronic transfer of funds via the internet.
- Remittance Services: Targeting migrant workers sending money back home to family or friends, often at a lower cost than traditional banking methods.
Related MCCs
- MCC 6010: Financial Institutions – Manual Cash Disbursements: Deals with cash transactions conducted manually, often through bank tellers instead of automatic or digital means.
- MCC 4829: Money Orders, Wire Transfers: This code covers businesses that issue money orders or provide wire transfer services via telecommunications methods.
- MCC 6051: Non-Financial Institutions – Foreign Currency, Money Orders (Not at a Financial Institution): Pertains to non-bank entities dealing with currency exchange and money orders.
FAQs
- What is the primary use of MCC 6532?
- It is used by businesses primarily engaged in the transfer of funds between parties. This includes both domestic and international transfer services. - Are digital wallet transactions included under MCC 6532?
- Transactions related to digital wallets could fall under this category, especially if the service facilitates peer-to-peer transfers. - How does MCC 6532 differ from banking MCCs?
- MCC 6532 specifically targets money transfer services, while banking MCCs refer to more general financial services provided by banks and financial institutions. - Is there a limit to the amount of money that can be transferred under this MCC?
- Limits may vary based on the regulatory policies of the financial institution and the geographic locations involved but are not determined by the MCC itself.
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