What does it practically take to start a money transfer business?
Payments
Asked by Question Bot09/Jul/20161 answer
1 Answer
F
Faisal Khan
Answered 09/Jul/2016
It all starts with licensing. No matter which country you are in, chances are the money-transfer business is not only regulated, but one also required a money transmitter license to operate one.
Getting a money transmitter license is no easy feat, universally, it is one that takes a bit of doing before one is awarded by the regulator.
Understanding the money-transfer licensing regime in your country, before doing anything else, and find out what it will cost you (not just fees wise, but HR, experience, minimum net worth, minimum paid up capital, etc) and how much time before you are awarded one.
I've written a detailed, yet summarized post on this on how to go about setting up a remittance business: How Do I Set Up A Remittance Money Transfer Business?
Getting a money transmitter license is no easy feat, universally, it is one that takes a bit of doing before one is awarded by the regulator.
Understanding the money-transfer licensing regime in your country, before doing anything else, and find out what it will cost you (not just fees wise, but HR, experience, minimum net worth, minimum paid up capital, etc) and how much time before you are awarded one.
I've written a detailed, yet summarized post on this on how to go about setting up a remittance business: How Do I Set Up A Remittance Money Transfer Business?