At a recent banking association meeting the presenter stated that if our consumer customer uses his debit card to purchase an item from an overseas company, the transaction would be considered a remittance transfer. I am not sure the presenter was correct and would like clarification.
Is the following statement accurate?
If our consumer customer uses his debit card to purchase something from an overseas company for personal, family or household purposes, that transaction would not
be a remittance transfer even though the funds for payment of the transaction came out of our customer's account, in a state, the originator of the transaction was the overseas company and not our bank.
Whew! Please advise