MSB licensing is the first step for your money service business to help your clients effectively complete their money transactions.
A money service business (MSB) is an individual or organization that conducts business as:
• A currency dealer or exchanger
• A check casher
• An issuer or seller of traveler´s checks, money orders, or other stored value.
Any MSB that transmits money inside the US or abroad, on behalf of another person or people is a Money Transmitter. If your business is paid to transfer money or monetary value and exceeds $1,000 in transfers on the same day and the transactions fall into the following categories:
• Check Cashing
• Currency Dealing or Exchange
• Money Transfer Services for (any amount)
• Traveler´s Checks
• Money Orders.
Money transmission operations are highly regulated on both state and federal levels. Money transmitters need both federal and state licenses.
$45K
Filing fee
For investors in the United States and Latin America, consider the following financing options for business expansion:
• In the USA: Not less than $1 million, and in special cases, not less than $500,000.
• In Latin America: Not less than $10 million, except for the non-banking financial sector, which can be $2 million.
To assess the most suitable loan alternatives for you, we need the following information:
• A brief introduction of your company, including the names of the main shareholders and their percentage of ownership.
• Financial statements from the past three years.
• Updated financial statements as of the most recent month of the current year.
• The amount of the operation, the intended use of funds, and the guarantees you are willing to provide.
To evaluate alternatives, please send us:
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