2. Scope of Rule
• The Remittance Transfer Rule (“RTR”) applies to remittance transfers
from U.S. consumers.
• “Remittance Transfer” means an electronic transfer of funds
requested by a sender to a designated recipient via a remittance
transfer provider.
• “Designated Recipient” includes foreign individuals and businesses.
• “Remittance Transfer Provider” is any person that provides remittance
transfers for a consumer in the normal course of business.
• “Normal course of business” depends on the facts and
circumstances, including the total number and frequency of
remittance transfers sent by the provider.
• “Safe Harbor” = Fewer than 100 in current and prior year.
3. Scope of Rule
• RTR applies to:
– Consumer-to-consumer or consumer-to-business transfers
– Includes wire transfers, ACH transactions and other
transfers involving combinations of cash and/or accounts.
• RTR does not apply to:
– Business-to-consumer transfers
– Business-to-business transfers
– Transfers of less than $15
4. Prepayment Disclosures
• Transfer Amount
• Transfer Fees
• Transfer Taxes
• Total Amount
– In the currency in which transfer is funded
5. Prepayment Disclosures
• Exchange Rate, rounded to between
two and four decimal places
• Transfer Amount using Exchange Rate
• Other Fees and Taxes
• Total to Recipient
– Amounts in recipient’s currency
10. Estimates
• Exception for Insured FIs
– Beyond Control
– Extended to July 21, 2020
• Country-specific Exceptions
– Laws/Method of Payment
– Safe Harbor List
14. Error Resolution
• Notice of Error:
– Must be received within 180 days of
Availability Date
– Must identify:
• Sender, Recipient & Transfer
• Nature of Error
15. Error Resolution
• Investigation & Resolution:
– 90-day Investigatory Period
– Provide Results of Investigation
– Refunds
• Refund Transfer Amount or Make Funds
Available to Recipient
• Refund Fees
– Exception for incorrect/insufficient information
17. Cancellation Rights
• Full refund permitted if transfer
cancelled within 30 minutes of
payment.
• Preauthorized transfers may be
cancelled at least three business days
before the scheduled transfer date