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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The Credit Path

As Alternatives Credit Union has grown and changed, our use of the Credit Path model of financial empowerment has changed as well. Originally developed by Bill Myers as a way of understanding our members' financial situations and incorporating that into our business planning, the Credit Path describes where people are situated at various points along a continuum between poverty and self-sufficiency. Our job, as a community development financial institution, is to help our members move along that continuum by empowering them to make decisions, and offering opportunities, that will move them towards financial self-sufficiency. more»

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