MCC 4829 covers transactions involving money transfer merchants, including remittance services, electronic funds transfer, and similar financial activities.
High Risk; Restricted
This MCC is considered high-risk due to the potential for fraud and money laundering activities. Merchants operating under this MCC may be subject to additional scrutiny and compliance requirements. As a result, transactions under this MCC may be restricted or subject to higher fees by card issuers.
Interchange Fee
The interchange fee for MCC 4829 transactions typically ranges between 2% to 3.5% depending on the card network and risk factors associated with money transfer activities. High-risk assessments may lead to higher fees.
Cashback Rewards
Cashback rewards for this MCC are generally not applicable or minimal due to the nature of the transactions. Issuer-specific promotions may offer limited rewards based on spending categories.
Rules and Restrictions
There are no special rules or restrictions imposed by payment processors on transactions classified under MCC 4829 beyond standard compliance and anti-fraud measures.
Tax Reporting
IRS tax implications may apply to certain transactions under MCC 4829 depending on the nature and volume of money transfers. Buyers and users should review relevant tax regulations and seek guidance if necessary.