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I would like to start a moneytransfer website online from…

Customer Question
I would like to...

I would like to start a moneytransfer website online from USA to South East Asia Country such as Thailand, Philippine, Indonesia and Vietnam

Lawyer's Assistant: Have you filed any paperwork with the USCIS (U.S. Citizenship and Immigration Services) yet?

How could i start this kind of business? which permit do i need? how much money to acquire these kinds of permit ? and what else should i know about ?

Lawyer's Assistant: Have you talked to a lawyer yet?

Not yet. i have no idea where to start

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

That would be all

Submitted: 8 months ago.Category: Business Law
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Answered in 5 hours by:
9/17/2017
Business Lawyer: Damien Bosco, Attorney replied 8 months ago
Damien Bosco
Damien Bosco, Attorney
Category: Business Law
Satisfied Customers: 4,522
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Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

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Business Lawyer: Damien Bosco, Attorney replied 8 months ago

Here is some information to help you get started. If you need further help, let me know.

The criteria to start a money transfer agency varies by state. Most states require the owner of the business to have a set amount of capital.

Meet the state's 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 varies by state--the National Money Transmitters Association has a list of licensing requirements for each state, including the District of Columbia and Puerto Rico.

Obtain and submit a Registration of Money Services Business application (FinCEN Form 107) to the Financial Crimes Enforcement Network, which is an agency within the Department of Treasury. You will need to file the form within 180 days after the date that you establish the business.

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.

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