Money transfer agent shopfront

Migrant families sending money home, international students, workers supporting relatives overseas, and people without easy access to online banking.

A commission or share of the fee and exchange rate margin on each transfer, set by your network provider. Some owners add other services, such as bill payments or SIM cards.

• Careful with money and records
• Friendly, trustworthy customer service
• Comfortable following compliance procedures
• Language skills for your local community help

• Registration with AUSTRAC on the remittance sector register and anti-money laundering and counter-terrorism financing obligations, check what applies to you as an agent
• Customer identification and suspicious matter reporting duties, with serious penalties if missed
• Banks may restrict or close accounts for remittance businesses, so check how your provider handles settlement
• Cash handling and security risks, plus public liability and other insurance
• Commission rates and exchange margins are set by the provider and may change, check your contract carefully

Startup costs are typically around $8,000 to $40,000, depending on the premises, security and what your provider requires. These are estimates, so check the provider's contract carefully before committing.

Check AUSTRAC registration on the remittance sector register and the anti-money laundering and counter-terrorism financing obligations that apply to you as an agent. Also check customer identification and suspicious matter reporting duties, and how your provider handles settlement.

Monthly revenue is typically around $3,000 to $15,000, depending on customer numbers and the commission your provider sets. The estimate assumes at least about 35 hours a week. Commission rates may change, so check your contract.