I want to set up my own money transfer business. What steps must I take to become operational at the earliest?

In order to set up your own money transfer business in your country, you essentially need to carry out the following four tasks:

• Have a reliable money transfer system in place. Arrange a demo with us.
• Apply for a money service business (MSB) license with your regulator (if you are based in the UK, you need to register with HMRC and apply for a Small Payment Institution (SPI) or Authorised Payment Institution (API) license with the Financial Conduct Authority).
• Attain a special money transfer bank account with a licensed financial services institution in your country (e.g. Barclay’s Bank in the UK).
• Partner with a delivery/pay-out network in the destination country where you plan to send money. Alternatively, you can make use of our existing contacts with established delivery agents worldwide. See RemitONE Connections.

RemitONE Consulting can help you get started as a money transfer operator from start-up to expansion and beyond. Our training sessions, contract and professional introductions can give your license application credibility from a trusted name. Enquire about RemitONE Consulting.