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1.
When one person sticks a tube in their ass and then sticks it in someone else's ass and shits in their ass.
"Hey babe wanna monroe transfer?"
"No you sick sonofabitch!"
by milk February 14, 2005
 
2.
The emigration of freed American slaves to the newly-formed Liberia at the suggestion of President James Monroe. Related to above definitions.
President Monroe rocketed some Cosbys across the Atlantic, thereby effecting the very first Monroe Transfer.

Thank God for the Monroe Transfer, maybe now we can finally get a little peace and quiet around here.
by Mordy Maneschevitz January 28, 2010
 
3.
when a close friend gives you the slip or shits all over you and your friends after not keeping a promise
"i can't believe Earl gave us the monroe transfer!!!!"
or - "that Earl, he's the monroe transfer master"
by damone August 29, 2005