Transmitting or Exchanging Funds [Banks & Banking] Law and Legal Definition

Pursuant to 12 USCS § 5481 (29) [Title 12. Banks and Banking; Chapter 53. Wall Street Reform and Consumer Protection; Bureau of Consumer Financial Protection], the term transmitting or exchanging funds means “receiving currency, monetary value, or payment instruments from a consumer for the purpose of exchanging or transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or through other businesses that facilitate third-party transfers within the United States or to or from the United States.”