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International Wire Transfers

In response to the new Remittance Rule implemented by the Consumer Financial Protection Bureau, the following changes will apply to Community Financial’s International Wire Transfer Policy as of October 28, 2013.

  • International wires must be done in person at your local Community Financial branch office. You will need to remain in the branch while the wire is being sent. Wires may no longer be initiated via phone.
  • We will ask you to wait in the in the branch while the wire is sent in order to provide you both a disclosure and a receipt while the wire is being processed. The disclosure provides information regarding exchange rates and other rules and must be provided to you before the wire is sent. The receipt, which contains much of the same information as the disclosure, must be provided once the wire has been processed.
  • Wires may be sent between 9:00 a.m. and 3:00 p.m. Monday – Friday.
  • A beneficiary address and purpose are required for ALL wires.
  • If the foreign bank has in IBAN (International Bank Account Number) number that information must be provided to complete the wire. If the bank doesn’t use IBAN, the recipient’s account number may be used.
  • The fee for international wires as of 9/1/2014 is $50.00.

Information regarding the Remittance Rule:

The Consumer Financial Protection Bureau is responsible for implementing the Remittance Rule. The Remittance Rule helps protect consumers by requiring disclosures and error resolution notices in connection with transfers sent by an individual, to either a business or an individual in a foreign country. In particular, the rule calls for new consumer protections; new processes and requirements for disclosing transaction information; new error resolution standards and procedures; new procedures regarding cancellation and refunds; and foreign language disclosure requirements for all remittance transfer providers in the United States.

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Community Financial Credit Union, P.O. Box 8050, Plymouth, Michigan 48170-8050

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