How to Start a Money Transfer Business

Are you willing to start a money transfer business but licenses, compliance, banking, finances, all seem to be huge asks? Are you stuck with the licensing process? Or are you caught up in the compliance process? There’s no doubt that the process to setup this business is quite lengthy, but this does not mean you cannot start a money transfer business.

As an entrepreneur you will be required to obtain licenses, get access to banking, seek compliance, set up payment processing and do much more to legally set up your money transfer business. There are various ways to go about all these steps.

Before we dive into details, here’s an informational video on how to start a money transfer business.

Banking, Compliance, Licenses and Other Challenges you Face to Setup your Money Transfer Business

Regardless of the country you’re starting a money transfer business in, you will have to apply for a license, get a bank account, setup compliance, get access to payment networks, obtain access to beneficiary country banks, create the right partnerships and alliances and do a lot more.

There is no easy way to do all this. There are a lot of procedures, audits and paperwork required to setup a money transfer business. So, how do you deal with all these aspects?

Most importantly, what you should do is, to never get into anything that you do not understand. Always make sure that you gather accurate information and are aware of even the minute details of how to start a money transfer business.

What’s the Best Way to Start a Money Transfer Business?

There’s no one right way. You can either apply for a license and wait for 6 to 10 months to hear back from the authorities or choose our white label, time effective service called ‘remittance-as-a-service’ (RAAS) It is a one box solution that offers you all the basics of starting a money transfer business. It is basically a turnkey solution that offers:

  • Access to the US (domestic & international) peer-to-peer money transfer market
  • Legal cover for Money Transmitter Licenses
  • Banking arrangements
  • FBO (For Benefit Of) Pooled Accounts
  • On-Boarding (CIP/KYC)
  • AML/CTF, etc.
  • Payment Processing
  • Access to Payment Networks & Settlement
  • Access to Beneficiary Country Banks/MTOs
  • Option to BYOBB/BYOMTO (Bring-Your-Own Beneficiary Bank / Bring Your Own MTO)
  • FX Handling (Optional)
  • Infrastructure (Web/API), etc.

What Do You Have To Do?

When opting for remittance as a service or RAAS, there are only two things that you would have to bring to the table:

  • Marketing – You will have to market the service
  • Prefunding – You will be responsible for prefunding on the beneficiary side, when bringing your own MTO or Bank into the picture.

Start your Money Transfer Business Now

Get in touch with us and start your money transfer business today. You could be up and running in only 30 days!

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