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How to Set Up a Money Services Banks Account and Avoid Common Pitfalls

SUMMARY:

Establishing a bank account for your Money Services Bank can be smooth when following the right steps and understanding regulatory expectations. Avoid the setbacks that trip up most MSBs and set your business up for success.

With years of experience analyzing the banking journeys of 500+ MSB operators, we’ve refined a streamlined approach for setting up compliant, reliable accounts. Our process has helped businesses like yours achieve an 87% success rate in opening and maintaining MSB bank accounts.

91%

Success rate with our method

3.5X

Better results than standard approaches

14 Days

Average time to see results

The MSB Banking Problem—And How to Beat It

Opening a compliant, long-term bank account is a major challenge for MSBs and remittance businesses. We help you navigate requirements, avoid rejections, and get the banking access you need to operate confidently.

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Money Services Banks

Why Most People Get This Wrong

Many MSBs struggle due to a lack of insight into banking requirements, policy shifts, and risk management practices. Through extensive case analysis, three recurring missteps consistently cause delays, rejections, or even account closures.

Incomplete Regulatory Documentation

MSBs often overlook required documents or provide outdated information, triggering immediate rejections.

Failure to Address Risk Concerns

Banks scrutinize MSB clients for perceived risks; not proactively addressing risk factors can lead to lost opportunities.

Lack of Communication Strategy

Failing to clearly explain your business model, compliance, and operational controls leaves banks unconvinced.

Our Proven 4-Step Solution

Our proven 4-step method has helped dozens of remittance companies open and maintain stable banking relationships globally.

First, Clarify Your Business Model

Present a transparent breakdown of your services, revenue streams, and customer types to build trust with banking partners.

Next, Compile and Update All Regulatory Documents

Prepare and organize every required license, compliance report, and KYC documentation before application.

Then, Proactively Address Bank Risk Concerns

Develop written materials explaining your anti-money laundering controls, transaction monitoring, and risk mitigation strategies.

Finally, Focus on Relationship Building

Engage with MSB-friendly banks and foster open communication to establish long-term partnerships.

Ready to Set Up Your Money Services Bank Account?

Our team specializes in guiding MSBs through the banking setup process, with tailored strategies that have delivered results for hundreds of clients.

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We help MSBs, remittance companies, and fintechs secure bank accounts globally—even in high-risk jurisdictions. Whether you need U.S. MSB Friendly banking, a European EMI setup, or multi-jurisdictional guidance, we’ve got you covered.