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What is a wire transfer?

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The term “wire transfer” is often used to refer to any electronic transfer of money from one person to another. The term “wire transfer” also has a more narrow technical meaning, referring to one certain method of transferring funds, which usually involves an electronic transfer of funds from one bank or credit union account to another.  In general, wire transfers that are made by consumers from the United States to other countries are considered “remittance transfers” under federal law.

Starting October 28, 2013, federal law will provide new protections to consumers who send remittance transfers as defined under federal law. You can read a summary of the new protections for more information. 

,The term “wire transfer” is often used to refer to any electronic transfer of money from one person to another. The term “wire transfer” also has a more narrow technical meaning, referring to one certain method of transferring funds, which usually involves an electronic transfer of funds from one bank or credit union account to another.  In general, wire transfers that are made by consumers from the United States to other countries are considered “remittance transfers.”

This article by the CFPB was distributed by the Personal Finance Syndication Network.

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