If the receipt for the first recurring transfer or for a one-time transfer occurring five or more days after the receipt was given included an estimated exchange rate or any other estimate, you send an accurate receipt the day after the transfer is completed (or later, as permitted if the transfer is being funded by a charge to the consumer's account with you). [1005.36(a)(ii)
For subsequent recurring transfers in the series, Paragraph 1005.36(a)(2)(i) requires an updated receipt if any of the disclosures previously given (other than the expected date of availability in the foreign country or the dates of future transactions) has changed, unless it's allowed to be estimated under 1005.32. So, if the exchange rate is permitted to be given as an estimate under 1005.32, 36(a)(2)(i1) won't apply. If you cannot use an estimate, you have to provide the updated receipt before the transfer is completed.
Once the recurring transfer is made, however, you need to send an updated receipt with the actual exchange rate if it was set at the time of the transfer. This receipt has to go out by the next business day (or later, if funded from the consumer's account with you). (1005.36(a)(2)(ii))
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8