Starting a Money Transfer Business? Pre-Sales Questionnaire.

Considering launching a money transfer venture? To better assist you, we’d appreciate some insights about your intentions and background. Please spare a few moments to address the following queries:

  1. Licensing Inquiry: Has anyone informed you about the necessity of a money transfer license? If so, can you mention who guided you?
  2. Business Model: Can you elaborate on your business’s primary focus? Are you targeting local transfers, international transactions, cryptocurrency transactions, e-money wallets, or something else? Please provide a detailed overview of your business model.
  3. Past Experience: Have you previously operated in the money transfer domain? If you’ve had a license, please share its details and a link for verification purposes.
  4. Licensing Insight: How familiar are you with the nuances, procedures, time commitment, and costs involved in acquiring a money transfer license?
  5. Compliance Understanding: How well-versed are you with the regulatory requirements and associated costs for this business?
  6. Business Operations: Are you planning an online model, a physical retail location, or a hybrid of both?
  7. Banking Challenges: Are you cognizant of the challenges in securing banking partnerships and account setups for money transfer operators? How do you plan to navigate these challenges?
  8. Transaction Metrics: What’s the average size of a transaction you anticipate? And the projected monthly volume?
  9. Flow of Funds: Can you provide a diagram illustrating the fund flow in your business?
  10. Transaction Details: Do you have a set transaction protocol?
  11. Data Authenticity: Are the financial metrics you’ve shared based on projections or current operations?
  12. Compliance Personnel: Do you employ a specialized compliance or anti-money laundering officer?
  13. Project Timeline: What’s your expected timeline for rolling out this initiative?
  14. Project Maturity: Is this still at the ideation phase or a concrete project with a sanctioned budget ready to be deployed?
  15. Funding Source: How do you plan on financing this venture?
  16. Budget: Can you specify the budget allocated for this project in US Dollars?
  17. Operational Geographies: Which countries are you targeting for sending money?
  18. Cryptocurrency Usage: Will you incorporate cryptocurrency in your operations?
  19. Transfer Demographics: Will the majority of your transfers be between individuals (P2P) or businesses (B2B)?
  20. Technology & Software: How do you intend to source or develop the necessary technological infrastructure?
  21. Pre-funding Investment: How much capital do you plan to allocate for pre-funding, in US Dollars?
  22. Team Size: How many individuals comprise your team?
  23. Residence: Where is your primary residence or business location?
  24. US Affiliation: Do you possess US citizenship or a valid American passport?
  25. Training & Knowledge: Have you undergone any training related to anti-money laundering or similar regulatory practices?

These questions are designed to give a holistic view of the individual’s readiness, understanding, and strategy for entering the money transfer industry.

This page was last updated on October 23, 2023.

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