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What Is a Money Transmitting Business

Almost every day, we need money for our transactions. Whether it’s just to buy food, shop for clothes or finance a business entirely all of these we cannot do without money in our hands. The problem however is that there are times that we don’t have enough money within reach or it is difficult to send the amount to its intended recipient.

This is where the role of a money transmitting business comes in. As it is a convenient and cheap way to make money get through whom or where it should belong, clients are continuously pouring in. If you are interested to start one, read on.

Preparing the Documents

Money is the most important commodity today that is why any business that is concerned with its handling or transmission needs to undergo rigorous screening by proving the government with all the legalities and guarantees that are being asked of it. The first document that has to be prepared is the necessary business license. You have to check with the business department in your locality for the requirements here to avoid confusion and deficiencies. You will also need to get certification with the financial institutions that are required by law just to assure your clients that you won’t be running out with their money.

Acquiring Contact Points

Because this business is about transmission, you of course have to establish offices in major places or at least have other financial establishments that you could contact or coordinate with. The recipients will of course have to be able to claim the money that was transmitted so developing a good working relationship with the partners is important. Strategizing is also important here.

Advertizing with the Right Mediums

There are a lot of money transmitting businesses nowadays so being visible and advertizing with the right media that reaches the public is important. Having the business printed in different newspapers and magazines is advantageous because the copies get kept even after it has been read already. The advertisement gets passed on then. TV and radio advertisements is also another option as today, millions and millions of people still prefer these media for entertainment purposes.

Hiring the Right People

Transmitting money, while a profitable business, is one that needs enough security and the services of trustworthy people. On this part, hiring members of the family can become helpful because they are the ones who are likely to have your best interest in mind. If not, it will be necessary to screen prospective employees and even get a peek at their psychological condition to make sure that they will not in any way abuse the position given them. Some company owners even have the backgrounds of the applicants checked just to be sure. After all, just one person who gets in and does something wrong can make the entire business collapse.

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2 Comments

  • alaa said on December 13, 2014
    i have been 8 months in uganda. I would like to stay there because of the weather and beautiful nature. I am thinking about starting business there. My friend there has a good experience with exchange and transfer money, I am also very good with calculation, computer and other science tasks. my option there that we begin with exchange and transfer money in uganda. Please u advise, Best regards, alaa
  • kwanruthai Jansaengsawang said on August 2, 2015
    I an from Thailand and I live and operate a Beauty Salon business in Houston. I am a U.S. citizen, but my English is limited. I send money to Thailand for friends, and I would like to start a "Money Transfer" business. Any information you can give me would be very helpful. Thank you, Respecfully, K. Jasaengsawag, Written for me by Raymond Cole

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