Money Transfer License: To Read Further

Remittances are the low hanging fruit in the payments schema. 2017 figures are estimated to be US$ 630+ Billion of remittance transfer with over US$ 400+ Billion going to the developing world.

We are subject-matter experts in remittances and the entire value chain of cross-border money transfer.

From licensing, payment processing partners, payment networks, access to banking, technology and AML/KYC solutions, we do it all.

As a general reading, we encourage everyone to read How to setup a Remittance Transfer Business? As well as look at the YouTube Video Series of How To Set Up A Money Transfer Business. The article and the videos explain in a condensed format the various aspect of a remittance business and what are some of the elements you need to be aware of.

Recommended reading:

1. How Small Value Remittances can increase transactions in an economy.
2. How Do Low Oil Prices Affect Workers Remittances from the GCC States?
3. Value Transfer in Remittances
4. SVR – Small Value Remittances or Micro-Transfers.
5. Bitcoin Remittance Transfers: What Central Banks look for in Remittances?
6. Periodic Table of Remittances
7. How do Bitcoin Remittances work?
8. How Legal is Bitcoin Remittance?
9. Banks De-Risking (MSB / Money Transfer Business)
10. Understanding Flow of Funds Diagram
11. Remittance-As-A-Service (RaaS)
12. Gaining Traction in the Money Transfer Business
13. The Migrant Worker’s Smartphone
14. Understanding the US Money Transfer Market
15. Learning about Remittances: The Remittance Bibles
16. The Great Money Transfer Gold Rush
17. The hidden force in global economics: sending money home
18. How will money transfer between countries look in five years? (Half-way point analysis)
19. FAQs on ISO / Correspondent Relationship
20. Money Transfer Solution from USA to Africa
21. AML CTF Questionnaire for Banks & NBFIs
22. List of all the Central Banks & Reserve Banks of the World
23. List of Money Services Businesses (MSB) License Regulators

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)?

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This page was last updated on November 27, 2020.