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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Chris Setlock

In the spring of 2014, we learned that our minivan needed repairs in excess of it's value. We'd already been cutting back on our auto use, and were trying to walk and bike more. We'd been talking with friends and reading about cargo bikes as a car alternative. Around the same time, a new business, "Boxy Bikes" opened in Ithaca, which specializes in electric and cargo bikes. We found a model we were interested in, and approached alternatives seeking financing. Alternatives set us up with a signature loan, and a "green loan" discount on our rate. Thanks to Alternatives, we are now the happy owners of a "Yuba Mundo" Electric Cargo bike. We can get anywhere we need to go, using no gas, and creating no emissions. I can carry two passengers, or a weeks worth of groceries. The loan will be paid off in two years, and the bike could last for many more, at a fraction of the cost of an automobile.

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