These include the currency you wish to buy or sell, the amount you wish to trade, as well as your bank. However, the bank might not always release the funds into the account by the following business day. With other currencies, WorldFirst sends the payment across on a previously agreed upon date.
Or you need a sample money transfer business plan template? If YES, then i advice you read on. A money transfer business helps to aid the transfer of money between two persons.
There are some licenses you need to obtain to run Money transfer business. This is like the money transfer license issued by the National Money Transmitters Association NMTAand you would also be required to register for money services business license.
A money transfer business is a very capital intensive business and you are required by law to have a certain capital base and mutual bond to run a money transfer business.
Since, going into this kind of business requires a good deal of preparation, how then is you able to go about starting a money transfer business? Develop a Business Plan A business plan is very important in running this business.
It serves as a road map or guide for the business. Your business plan should contain every essential details of your business.
You must be able to answer questions like; will the money transfers be carried out through online or offline platform? The minimum capital requirement stipulated by your State and how international money transfer business plan intend raising such capital base?
Where will be the location of the business? Which banks will you work with to execute the transactions? Will there be agents working for your business, and what will be the duties of the agents?
What will the business structure look like; will it be a one man business or will there be partners in the business? Answers to these listed questions will serve as a guide to the business.
You have to register a company to operate as a legal entity. Due to the nature of the Money Transfer Business, you may need to register the business as a limited liability company.
You may decide to go public and offer shares to the public. This is just a basic license that will permit you run your business in the State. Therefore, visit your Town County to obtain a business license; the license is obtained free of cost after you fill the registration form.
Apply for other Licenses The first license is the Money transfer license which is issued by the National Money Transmitters Association. The second is to submit a registration of money services business application form to the Financial Crimes Enforcement Agency; which is an agency in the Department of Treasury.
Create a Bank Account-: Get an Office Location The next step is to get a location to serve as the physical office address of the business. Basic office supplies like computers, telephone lines, and various departments to effectively run the business should be created in the business office.
Essential departments to be created is the accounts departments; reception departments; customer care department for both online and offline customer inquiries.
Hire Your Employees This business has to do with money, and so will require very honest employees that will maintain a high level of integrity. You have to carry out a background check on every employee that will be hired to work for your company.
This is so that you sieve out people with bad financial or violent history. A Background check company can help you handle the responsibility of carrying out a thorough background check on your employees.
Online Platform If you wish to run your money transfer business online just like PayPal, you will need to create a website where people can create accounts, fund their accounts with credit cards and also transfer from one account to another.
You can also imbibe it as an e- payment process for e-commerce sites to use and receive payments from their online Clients and Customers.
Advertising Your Business You need to set aside quite a size-able budget to advertise a Money Transfer. You can partner with financial institutions to endorse your money transfer business. Online adverts especially on social media platforms like Facebook that records tens of millions around the world daily, can help you draw the required attention needed for your business.
Youtube is another online platform that can draw targeted traffic to your business.
If you are not ready to go through all the process outlined above to start your own Money Transfer business from scratch, you can apply for an agency license in any of the big Money Transfer businesses like Western Union.Find the latest business news on Wall Street, jobs and the economy, the housing market, personal finance and money investments and much more on ABC News.
Money: Money, a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed; as currency, it circulates anonymously from person to person and country to country, thus facilitating trade, and it is the principal measure of wealth.
The. Starting a Money Transfer Company – Sample Business Plan Template. 1. Develop a Business Plan. A business plan is very important in running this business. It serves as a road map or guide for the business.
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