If you have been thinking about starting a money transfer service from Canada, then you are well aware of the hurdles of getting up and running in the land of the maple leaf! Before launching a money services business in Canada, getting a license will be your first priority.
Also, read our advisory on Navigating the Canadian FINTRAC Licensing Loophole
Because there are very few banks in Canada (compared to the US), access to an MSB Friendly Bank is going to be your toughest challenge. Most banks do not want to work with an MSB and they will either straight out refuse to work with you or make excuses to shut down your account after they have given you one. The number of banks that want to work with money services businesses is shrinking every day.
Who Needs a Money Transfer License in Canada?
In Canada, the financial services regulator for money services businesses is Fintrac. If you offer any of the services that Fintrac considers part of its regulation, you will need to get a license to operate.
Helping You Launch Your Own Money Services Business in Canada
We provide an affiliate model with licensed money transfer companies that allows you to launch a service from Canada as your own brand. We provide access to banking, license coverage, payment processing, compliance, KYC/AML, etc. all as a turnkey solution.
Remittance-as-a-Service (or RaaS) till now has not been offered in Canada. We’ve spent over 3+ years refining the product, aligning ourselves with the regulations, and onboarding the requisite parties to be able to offer this service.
Who Is This Service For?
- If you are a startup or
incumbent but do not have access to the Canadian money transfer market, then this might be just the solution you’ve been looking for. - If you are an operator outside of Canada and are looking at a white-label service to start money transfer services within Canada or cross-border from Canada.
- If you are a licensed money transfer operator in Canada and are feeling the pressure due to de-risking, losing clients, want to go online, but have a limited marketing budget, then pool your license with other license holders and take advantage of the collaborative platform that allows you to expand your services without compromising your license or your existing banking relationship.
Start your Money Transfer Business in Canada Today!
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This page was last updated on February 26, 2024.
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