How to Start Money Transfer Business as Agent?

If you are currently in any business like Travel ,Cargo, Cyber Cafe, Insurance ,Loan Facility Provider and want to earn some extra handsome amount with the same business without any investment so today I share some basic information with you to how to start a Money Transfer business with your existing business.

Money Transfer companies depend on his registered agents to give their services to his client/Customers from different countries. In short a money transfer company gives a platform for agents to facilitate their entire client on their behalf while follow to all the rule and regulation.

Popular and authorized money transferring agencies include ACE Money Transfer Limited, Western Union, and Dollar East, Earth port PLC, GCC Exchange UK Limited, Xpress Money Services Ltd, LCC Trans Sending Limited Small World, Money Gram, Money Trans, RIA Financial Services Ltd, Wallstreet Forex London Ltd, and Transfast.  

With all these companies you can start your money transfer business by registering yourself as an agent. The registration requirement for agent ship different from one company to an other, but there is no such major different as all these money transfer companies register you as a agent on FCA. The criteria for starting money transfer business as an agent also varies by state. However, most Money transfer companies require good business potential form an agent. Most of companies also prefer to agents having main location so that an agent can give business to the company.

There are many companies which are offering business partnership for you as a agent, but Before starting your business with any mention authorized companies, you have to select the match company for yourself. So do your research on the below mention points so that you can identify the best companies for your new business.

a      a) Know your Customers

If you are already in any business like Travel, Cargo, Cyber Café, Insurance, Loan Facility Provider you have already customer, so this is a golden change for you to convert your existing customer to your new business.

 The most important thing which never be ignored for starting in business is about customer search. It means that you have to do a little bit research about your customer demand. Let suppose you have already customer to so have to sort out your potential customers. Let suppose you have cargo business ,so you can easily identify the customer, for which destination country he want to sent his cargo. Similarly if you have a travel agency, so you can also easily identify from which country your customer mostly does his travel or from which country he belongs to.

So these are some basic which can benefit you in your business for long time.

        b) Research about the company you want to start your business

You have completed you research on your potential customer  , Now the 2nd step from your side while choosing any money transfer company  for your business is to do you research on the company  by it visit  official website and read about the payment facility in  those countries from where your mostly customer belongs. Let suppose you have Pakistani/Indian customer now you have to search for the payout facility in Pakistan/ Indian.  Have a look on their payout locations ,payout banks  as a company having huge payout location with famous bank and MSB Companies can better facilitate your customer .

When you done your research on above mention points, you have a clear picture while selecting any business.After sharing the basic information about starting a new business with above mention companies, let have a look on the procedure of agent registration.

Step 1-Agent ship Requirements

Visit your selected company official web site to read about the requirement about agent ship or call on the given number for complete understating if you have quires which you want to clear before the time of registration.

Meet company requirements for agent ship to start a money transferring. Requirement's often includes your passport copies, your business address, about company directors and bank account details.

Mostly Money transfer companies have their agent ship application from which can be download from website or can get by sending email to company.

This form mostly consist of two part ,i.e agent application form and fit and proper form.

Agent application from consist on all the information about the agent and business and fit and proper form is an agent assessment form.

Step 2 Registration Process On Financial Conduct Authority

When you send all the required document to the company, they check all the document called compliance check, the check all the document ,verify your locations, etc.

Once all the document are cleared from compliance check then further application is applied on FCA ,as it is important for a company to register his new agent on FCA to meet the rule and regulation for money transfer companies.

When you get registered on FCA, You obtain a money-transferring license mostly know as FCA certificate which is issued by HMRC. The requirement for a money-transferring license and the application fee for UK agent is 110 pound per year and maximum 15 working days take for registration process.

Related Reading: Whatwhat is Financial Conduct Authority and what actually they do?

Step 3 Training On Web based Portal 

When you get your confirmation from FCA , Company provide you a logins credentials for a web based portal called agent portal along with this companies also give training to his agent about web based portal and anti money laundering rule and regulations . With the help of this web based portal you can send and received money.

Step 4 Sending Money and Banking

Money transfer gives per credit limits to it all agents depending on their business potentials. Agent can use this credit for creating transaction on customers demand. When a customer creates a transaction from his allocated credit limit, he takes the same amount of money from the agent and do the banking in the company account. Company required banking details from the agent to accept his deposit and to allow him credit limit for next day.

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