Remittance transfer
In US Regulation E, an electronic transfer of funds from a consumer to a recipient abroad through a provider.
Under US Regulation E, subpart B, a remittance transfer is an electronic transfer of funds requested by a sender to a designated recipient in a foreign country, sent by a remittance transfer provider. Subpart B sets requirements on disclosures, error resolution, and cancellation and refunds. An agent that arranges international payments for consumers in the US works within these rules, so the disclosures the sender must receive cannot be skipped because software placed the order.
Agent Minute explains this term on 16 March 2027.
Related terms
Credit transferA payment pushed from the payer's account to the payee's account on the payer's instruction.Error resolutionRegulation E's procedure for a consumer to report an error on an account and for the institution to investigate.Payment service providerA firm authorised to provide payment services, such as a bank, an e-money institution or a payment institution.Verification of payeeA check, before a credit transfer, that the payee's name matches the account the money will go to.