Beginning Your Own Money Transfer Agency

A money-transferring agency transfers cash/currency between two separate parties. The criteria to start a money transfer agency varies by state & bank as it is regulated by RBI and government of India

A money-transferring agency transfers monies between two separate parties. The criterion to start a money transfer agency varies according to states & even bank. Popular money-transferring agencies include Axis, Yes Bank, Bank Of India etc. However, most banks require the owner of the business to have a set amount of capital. With this business, you can have a brick-and-mortar storefront, conduct business only online or a combination of both.

Meet your state or banks minimum requirements to start a money-transferring agency. Requirements often include but are not limited to, a minimum net worth and a surety bond.

Obtain a money-transferring license and pay all applicable fees. The requirements for a money-transferring license and the application fee vary by State to State have a list of licensing requirements for each state.

Create a merchant bank account with the bank(s) of your choice. A merchant bank account enables the money transfer agency to accept credit and debit card payments, deposit payments into your customer's accounts, as well as retrieve funds from your customer's accounts.

Open your business after all applications have been approved and licenses have been awarded. You can create a brick-and-mortar storefront to accept money transfer requests or complete all transactions online with your business's website.

The list of tasks to do before establishing the money transfer agency is long and tiring. However, all of this can be made easy if an agency is willing to associate itself with a company which is already established in money transfer sector. Being a franchise partner with such a company can be beneficial. MOS World is a Company that helps in setting up of money transfer agency & provides great earnings.

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