Money Transmitter License – How to Get Licensed to Operate?
If you are on this page, chances are you are unable to get a money transmitter license for your business. In the US, being licensed in all the states is quite a feat that has only been achieved by the biggest money transfer businesses. For startups and new money transmitters, getting licensed is a nightmare.
It is not enough to be registered with FinCEN, you must also apply for a license in each of the states where your business will operate. This means you have to pay the high cost of getting a license for each state if you want to work in the whole country. Aside from the high fees that you will be paying, you will also be spending considerable amounts of time in collecting and compiling all the required documents by each state regulator. It can often take up to 2 years before your business has a money transmitter license for all 50 states, Washington DC, and 3 US territories.
If you are a business or company that is based outside the US or has most of its principal money transfer business in another country, then you are in for a whole lot more scrutiny than everyone else. Be prepared to spend weeks, months, and even years in satisfying the regulator for each state that you deserve to be allowed to operate.
Are you caught in this nightmare of money transmitter licensing? Let’s look at your options.
You have many alternative options for getting access to licenses so you can work as a money transfer operator. For example:
- You can partner with an established business who already has the money transmitter license you require
- You could try to get bank-led sponsorship wherein the bank handles your money under their charter
- Or we can help you get access to solution providers who will not only get you money transmitter licensing coverage but also provide you with your own branding
Every Business is Different – How Should You Get a Money Transmitter License?
All money transmitter companies are not created equal; their business goals, needs and therefore challenges will be unique. At least one of the options listed above will be a good fit for your business, but which one? You will have to look into various factors to choose the right option that will work for your unique business.
- Your business model
- Your principal business location
- What countries will you be serving?
- Which corridors will be included in your money transfer service?
By using these and many other questions, we will help you understand what option is best suited to your particular business. Perhaps becoming a partner with a licensed money transfer operator will be beneficial for your business; maybe the best solution for your particular business model is to get your own money transmitter license, or maybe both these options don’t work for you. So what does?
Get in touch with us now and we will help you not only identify the right way to get access to licensing but also help you through the whole process!
Get Access to Money Transmitter License Coverage Today.
Fill out this form, and let us help you work with a licensed financial institution that would provide you with state-wide, nation-wide money transmitter license cover.