EFTA Remittance Transfers Same as Wire?

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Question:

The new change to the EFTA about "Remittance Transfers" is this the same as wire transfers? What is the difference?

Answer:

"Foreign remittance transfers" include electronic transfers of funds on behalf of consumers who transfer those funds to persons (individuals and entities) or places outside the U.S. Among the transfers covered are consumers' wire transfers, ACH transactions and any bill-payment transactions sent outside the U.S. that qualify as EFTs under Section 1005.3(b)(1) of Regulation E (and Comment 3(b)(1)-1.vi.). Also included are certain prepaid access (stored-value card) transactions.

First published on BankersOnline.com 5/14/12.