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Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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I'm setting up a remittance business in Australia and need

Customer Question

Hi, I'm setting up a remittance business in Australia and need to know what licenses I need for that:
What I do is like this: Let's say someone in Australia is willing to sell his/her Australian Dollar and instead receives the currency of Country X in that country. I will get his/her money to my bank account in Australia. On the other hand let's say someone in Country X is willing to buy AUD and receives it in Australia, he/she will deposit the cash in local currency in a bank account in that country. Now I will match these two guys by transferring the AUD from first customer to second customer within Australia and at the same time I transfer the cash from customer 2 to first customer in Country X.
The key is that I'm not transferring any funds between Australia nd Country X. My only bisiness here in Australi is to receives money from sellers and deposit them to the buyers.
Submitted: 2 years ago.
Category: Australia Law
Expert:  Leon replied 2 years ago.
Good Afternoon,
My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question.
If you are not dealing in foreign currencies then you may not need a licence.
But most foreign currency dealers are required to be licensed.
You only need an AFS certificate if you are doing loans or if you are assisting a customer to make money through foreign exchange.
If you are only selling foreign exchange you would not need one.
Customer: replied 2 years ago.
I'm not dealing with any foreign currency in Austraia. I just work with AUD here. There will be a separate structure in Country X to deiver or receive deposits in their local currency.Can you please list the certificates that I need to obtain for this purpose?Regards
Expert:  Leon replied 2 years ago.
Good Afternoon
I am sorry I cannot tell you.
You would need to contact ASIC and speak to them.