MCC 6536 - Money transfer 
MCC 6536, known as "Money Transfer," is a category code assigned to businesses that facilitate the transfer of funds between parties. This MCC is primarily used by companies providing services for sending money domestically and internationally. These operations can include financial institutions, specialized money transfer agencies, and online payment platforms, serving a critical function in the global economy by enabling quick and secure funds movement.
Types of Services
- Domestic Money Transfers: Services that allow the transfer of money between locations within the same country, often used for paying bills or sending money to family members.
- International Remittances: Facilitation of fund transfers across international borders, a common method for migrant workers to send money to their home countries.
- Bill Payment Services: Companies that assist customers in paying various types of bills electronically or through physical agents.
- Payouts and Disbursements: Used by businesses for paying suppliers, partners, or employees in different locations.
Related MCCs
- MCC 6010: Financial Institutions - Manual Cash Disbursements: Covers businesses involved in dispensing cash directly, such as over-the-counter bank transactions, which is different from electronic transfers.
- MCC 4829: Money Orders - Wire Transfer and Telegram: Refers to establishments that issue money orders and offer telegraphic money transfers, a more traditional method compared to electronic funds transfer.
- MCC 6011: Financial Institutions - Automated Cash Disbursements: Pertains to ATM transactions where automated systems handle the cash disbursement rather than human processors.
FAQs
- What are some benefits of using money transfer services?
- Money transfer services offer convenience, speed, and the ability to send funds globally, often with competitive exchange rates and lower fees than traditional bank services. - Are money transfer services secure?
- Reputable money transfer services employ stringent security measures and regulatory compliance to ensure the safety and confidentiality of transactions. - Who regulates money transfer services?
- Money transfer services are typically regulated by financial authorities in each country, such as the Financial Conduct Authority (FCA) in the UK or the Consumer Financial Protection Bureau (CFPB) in the U.S. - Can businesses use these services?
- Yes, businesses use money transfer services for various purposes, including international supplier payments, payroll disbursements, and settling invoices.
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