Referral Fees for Money Transfer License Coverage
The following are our professional consulting fees for each territory for regulatory (license) coverage:
All costs above are one-time (unless otherwise stated). Depending on the institution, the time-frame to establish such a relationship can be one (1) week (minimum) to twelve (12) weeks. On average it takes about five (5) weeks to go live.
For the UK, if you are in the process of having your application filed, we can assist you to become a bonafide agent of our solution provider so you can carry on without the wait.
Regulatory Coverage Pricing by the Solution Provider depends on a host of factors. Your risk profile, the transaction set, territories where you want to do cross-border payments with (if applicable), the flow of funds, etc. Once a regulatory and payout coverage profile is assembled, then the term sheets can be obtained.
The greater the access from a single API, the more expensive it is – pretty much matches credit card rates (~2.9%). Just keep that in mind.
Unless otherwise stated…
- All of the coverages are for online only
- Authorized delegate status (or agent) status is not awarded
- Physical point of presence for a business &/or signed up agent is not permitted.
Typically, you will pay US$ 20,000 for major US Coverage. All other territories are priced between US$ 15,000 to US$ 28,000, depending on what it is. For example, you want, multi-rails, 40 State MTL (money transmitter license) coverage in the US, for ACH inbound (i.e. sign-up customers and have access to payment rails), this is about US$ 20,000 + US$ 8,000 for a total of US$ 28,000. If you want, for example, a US Bank to offer the ability to take multiple clients from around the world, that is not being allowed at present due to the BSA (Bank Secrecy Act) and Patriot Act, where now any account being opened for someone else, that person must be physically present for KYC in the United States in front of the signing officer.
Getting master accounts for sub-FBO accounts is possible, but then again, you have to structure it as such, that the banks will allow the sub-accounts.
So, typically expect to pay US$ 20,000/geography per setup (setup = whatever payment rails the provider is providing. If the provider is providing ACH, debit,
Be cognizant that each country comes with its own set of payment rails. By merely having access to the rails does not necessarily mean you can legally pick up transactions (or disburse) transactions in that specific geography.
Example: You might have access to payment rails in New York State, but that does not grant you permission to sign up a
For cross-border (remittances), please assume all coverage is limited to five (5) beneficiary (payout) countries only. It is up to the solution provider (license holder/sponsor) to unilaterally lift this restriction.
There are no discounts or group discounts on license coverage consulting fees.
- If you have signed up for a lower priced referral fee package and want to upgrade to a higher priced package within one year of your first signup, you will have to bear the cost of the difference.
- All of the coverages above are for online only. Authorized delegate status (or agent) status is not awarded, unless otherwise specified. Physical point of presence for a business &/or signed up agent is not permitted.
- All communication and delivery is in English only.
- Unless explictly mentioned, no Value Added Tax, State Tax, Federal Tax or other applicable taxes are included in the pricing mentioned.
- If you have signed up for a lower priced referral fee package and want to upgrade to a higher priced package within one year of your first signup, you will have to bear the cost of the difference. Advisory role is limited to principal only. Consulting/Retainer roles are limited to team which can include principal.
- Price do not include Value Added Tax (VAT). Please inquire if applicable.
- HMRC (Her Majesty’s Revenue & Customs) charges not included
- FCA (Financial Conduct Authority) charges not included.
- State tax not included.
- Draft Referral Agreement
- Acceptable Payment Methods
- Application Assessment Fee
- How Do We Charge?
- List of Sanctioned & Restricted Countries
- Personal KYC Information
- Prohibited Products & Services List
- Refund Policy
- Terms & Conditions
- What Financial Institutions Will Charge You for USA Regulatory Coverage?
- Why we do not sign an NDA (Non-Disclosure Agreement)?
- Due Diligence (DD) Documents Requirement
Prices & specifications subject to change without notice.