A medical company in Venezuela requires $50,000 cash for its payroll; they wire us $50,000 in Florida, and we give them $50,000 cash in Venezuela minus the fee. Do we need to set up a correspondent tie-up agreement for such transactions?

Yes. If you do not have a correspondent tie-up with the business in Venezuela on your Florida license (as a Money Transmitter License Holder), you cannot unilaterally send such money across. You need to have a correspondent tie-up agreement in place before this can happen. If you do not know what a correspondent tie-up agreement is, two explainer videos are mentioned below.

Suggested Video(s)

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This page was last updated on January 18, 2023.

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