Baby Steps Needed for Starting Money Transfer Business

The remittance industry is not that difficult to enter into but, like any other business, you need to do your homework and have the right tools. This business might be easy to get into but also easy to get into trouble if you’re not following the laws. Having a good knowledge of these laws, especially antimoney laundering laws, is a must. Movement of money is highly regulated, and you want to be on the right side of those regulations and laws.

If you want to be successful in this competitive business you’ll need to truly learn about money transfers and how they work, from beginning to end. Start small and grow from your experiences, successes and even failures. Perhaps work for another to learn the ins and outs of the business. Take courses on money transfers and anti-money laundering. The more you know the better positioned you’ll be to start your own business.

You’ll also need working capital. Capital for advertising and marketing, software and staff, and to pre-fund money. That’s why starting small is sometimes the way to go. You’re not investing a lot of money into the business but enough so that you can get an idea of all the ins and outs of the money transfer business. There is a lot of competition in this business and you’ll want to get a good foot-hold and grow your business from there.

Building a good customer base is essential. To do that you need to be good – I mean really good. You want your reputation to precede you so that your loyal customers are referring their friends to you. As they say, a referral is the best form of a compliment.

You will also need good software. VinIt has just the software for your needs. Money Express is our finest product that has been exclusively designed for the money transfer business. This online Money Express solution for money transfer businesses makes the transfer of money easy and fast. Whether you are big scale or small scale in the money service business, we have the solution for you. The experience we gained in the remittance industry, in working with money service businesses throughout the United Kingdom and some parts of Europe, together with a highly skilled in house development team, brought the Money Express product into the market for effective and efficient money transfers. Money Express will connect everyone involved in a transaction. New technologies also helped us to implement lots of useful features into Money Express.

Our software allows you to know your customer by uploading their identification and the transaction’s supporting documents. There is a screening and risk assessment built in, as well as alerts for expired identification and other supporting documents. Our Anti-Money Laundering (AML) compliance is built in. Screen customer details against OFAC and the HM Treasury database, configure third-party screening databases, and run a full range of audit reports.

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