We have established a money transfer company in Canada and now we are looking for a bank in the US and want to be its Authorized Delegate in the USA for money transfer services.

The question in full

If you have an established money transfer company in Canada, becoming an Authorized Delegate (AD) of a US Principal or a Remittance-as-a-Service (RaaS) provider is the fastest way to offer US-to-Global corridors. However, a US Sponsor Bank will not grant AD status simply because you are FINTRAC-registered.

Answer

You would need to have been operating for over 3 years with excellent audit recommendations to even be considered for an Agent status application with a US bank. Without three years of audit, no US bank will be providing you sponsorship services under an Agent agreement.

We have established a money transfer company in Canada and now we are looking for a bank in the US and want to be its Authorized Delegate in the USA for money transfer services.

Suggested Video(s)