Money Transfer License
The world of money transfer licensing can be confusing and often you will be inundated with information. Presented here (in a summarized format) is Information & How-To material on money transfer license / money transmitter licenses for Money Services Businesses (MSBs) or Money Transfer Operators (MTOs).
We’ve covered the UK Money Transfer License, US Money Transfer License and licensing options for a WorldWide licensing options. Also presented are some options on how to get license coverage without actually getting a license.
The US licensing is mandated by US Department of Treasury’s FinCEN and by various US State Regulators. While the UK’s licensing requirements are set and mandated by Financial Conduct Authority (or FCA).
Section Pages
- UK E-Money & Payment Institution License
- US Money Transmitter License
- US Money Transmitter License Options
- Access to US Money Transfer Market
- Correspondent vs Agent (Authorized Delegate)
- FAQs on ISO/Corespondent Relationships
- Own Money Transmitter Licenses vs. Authorized Delegate
- Money Transmitter License Cost
- Money Transmitter License Law
- Money Transmitter License California
- Money Transmitter License Texas
- Money Transmitter License New York
- Money Transmitter License Requirements
- List of Transaction Points for an MSB Audit
- Worldwide Money Transfer License
- Flow of Funds
- Apply for License
Frequently Asked Questions
- Do I need to have a US Money Transmitter License in order to sign a US Customer up if my business is physically located outside the US?
- What determines if I am required to have a money transmitter license (MTL) for my fintech startup?
- As a new fintech startup, how do I get over the money transmitter license hurdle with a limited budget?
- What are some things I need to know before starting a money transfer company for remittances?
- How does one start a money transfer business for remittances into Africa?
- What can existing small money transfer companies do to survive in a world against competition like Xoom, WorldRemit, Azimo?
- Can a US Bank sponsor my company to provide money transmitter license?
- Is it better to serve and specialize in one single corridor for remittances or multiple?
- As a struggling money transfer business, how can I compete with big companies like MoneyGram or Western Union etc?
- What is the legality behind bitcoin-based remittances? (Where customers directly buy bitcoins and transfer and cash out on the other end)?
- Is using Bitcoins for remittances a good or bad idea for a money transfer company?
- How can I get more of my customers to use bitcoin to send money back home (remittances)?
Associated Forms
You might also be interested in…
- How Do I Set Up A Remittance Money Transfer Business?
- Remittances Infographic (World Bank 2014 data visualized)
Page Info
Page Last Updated On: 11th Jan 2017.