Worldwide Money Transfer Licenses
A common misconception is that by being licensed in one-territory you need not be licensed in any other territory, i.e. one license suffices as a worldwide money transfer license.
For companies wanting to engage in worldwide money transmission, they need to obtain licenses in all the countries they are sourcing their clients from and have regulatory approval in all the countries where they would be terminating their transactions (i.e. beneficiary countries).
Very few entities actually take the approach for going into all the markets they are interested in and obtain licensing. The whole licensing regime varies from territory to territory and can sometimes take years. The interim solution is always partnership or piggy-back on existing licensed institutions.
For those who are starting out in the money transfer space, and yet want to expand to all the countries, your best avenue of approach is to prioritize your list. See which terminating countries makes sense and partner up with them.
We help companies who want to find on-ground partners for purposes of tie-ups so that terminating transactions can be off-loaded quickly into their destined geographies.
We can help you partner with banks or licensed money transfer networks, various payment aggregators and gateways in different parts of the world, as per your requirements.
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This page was last updated on November 27, 2020.