125 North Fulton St. Ithaca, NY 14850
Phone: (607) 273-4611
Toll Free: (877) 273-AFCU      Contact

Changes to International Remittances

Changes to International Remittances: International Wires Out and International Western Unions

International Wires Out
The Consumer Financial Protection Bureau (CFPB) issued rules for Dodd-Frank International Remittances, effective October 28, 2013. The goal is to enable consumers to make informed decisions and have issues resolved and/or their transactions cancelled and refunded within 30 minutes. Alternatives will be providing the required Prepayment Disclosure and transaction receipt for International Wires sent from a consumer account. The rule does not apply when a Wire is sent from a business account. 

As always, members will have to complete a Wire Out Authorization form with detailed information about the receiving bank, and what type of account the beneficiary holds in the foreign country: a U.S. dollar account or a foreign currency account.

Fees for sending International Wires will change from $40 to: 
$30 for International Wires in Foreign Currency
$50 for International Wires in U.S. Currency 

Information about the purpose of the Wire will now be required. 
  • If sending to a European country, an IBAN (International Bank Account Number) is required. 
  • We will no longer be able to send an International Wire as a Domestic Wire through an intermediary bank. 
International Western Union
We no longer offer International Western Union transfers. Domestic Western Union transfers are still available. We still offer International Wire Transfers, but if Western Union is your best option, please contact Western Union directly. Tops Market in Ithaca also offers International Western Union transfers.

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Rima Shamieh

My IDA [Individual Development Account] experience was just incredible. I saved a few bucks every week and after a year, I had a savings account with $3,000 in it! And I'm glad that the MoneyWise class was required, because it really helped me develop a healthier relationship with money. So many of the skills I learned in class seemed so obvious, but I never thought/knew how to do them until we went over them in class. For example, tracking my spending made a HUGE difference in how I now spend money. Also, the exercises in the beginning when we explored our relationships with money - I discovered I'm a carefree, spirited, impulsive spender. It helps to put a name on things.

After accruing thousands of dollars in debt from student loans from when I was an undergraduate, I was determined to do all I could to stay out of debt for when I continued my education. The IDA really helped. I feel so much better prepared to build equity and save for my future. Thanks, Alternatives!

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