Virtual currencies

The term “wire transfer” also has a more narrow technical meaning, referring to one certain method of transferring funds, which usually involves an electronic transfer of funds from one bank or credit union account to another.  In general, wire transfers that are made by consumers from the United States to other countries are considered “remittance transfers” under federal law.

Starting October 28, 2013, federal law will provide new protections to consumers who send remittance transfers as defined under federal law. You can read a summary of the new protections for more information.