Depending on where in the world you may be, you would most likely be classified as a money transfer operator or money services business. This means, you are now dealing with money in a way, that most likely requires you to be registered with state/provincial authorities as well as federal authorities, in addition to being licensed to do this line of business.
What legal position do individuals have when operating like MoneyGram or Western Union?
Is a License Necessary to Start a Money Transfer Business?1 ansIs there profit potential in launching a remittance business focused on Somalia?1 ansCan you view all money transfers made through a specific Western Union account over multiple years?1 ansAre MoneyGram and Western Union owned by the same parent company?1 ans