A good starting point is to understand the business and some of the brief nuances, terminologies, and lingua franca of the money transfer business. I would humbly suggest you start from here: How to Start a Money Transfer Business (Video explainer series). I specifically spent a lot of time putting these up, so that you […]
How to Start a Money Transfer Agency Money transfer agencies allow you to accept money from a client and transfer it to an institution or individual somewhere else in the world. They make money by accepting a fee or portion of the transferred amount as payment for the service. Money transfer agencies range from massive […]
Reputation Equity Online reputation is a communal consensus of sorts that you have been on a certain platform for a long time and have contributed towards it. It might/might-not establish you as an expert or authority figure, but it certainly does vouch for your seriousness, dedication and attachment to the platform, or what I affectionately […]
Introduction Remittance industry is not that difficult to enter into, once you understand the basics (which would be true for any other business as well), then you can, with relative confidence, ease into the business. It is also important to understand that money transfer is a serious business as far as the law is concerned. […]
How do banks transfer money?
A question asked of me often is How do banks transfer money? How is money transferred from one country to another? I mean how does it work? How does my account get debited of $100 and somewhere around the world someone’s account get credited for $100.
Another parallel question is, How does $100 Million transfer? I mean, say if America is giving someone loan, how do the two countries transfer $100 Million? Or even $10 Billion? How does this work? How can the wealth of one country decrease by $10 Billion and another one’s increase by $10 Billion?
Is money physically moved? Do they transfer cash in vaults?
Setting up my own YouTube channel is something that has been on my mind for sometime now. The goal in view is to have a channel where I can put up informational videos or short duration (1-5 minutes) that explain on small aspects of payments.
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