Money transfer agent kiosk

Local migrant communities, workers, students and travellers. Providers pay your commission, and customers pay any extra service fees.

Commission per transaction across one or more providers, plus any permitted add-on services. Volume depends heavily on location and community trust.

• Cash handling and accurate record keeping
• Building trust with a local community
• Ability to follow compliance procedures
• Multilingual skills are a big help

• AUSTRAC registration and anti-money-laundering and counter-terrorism financing duties: check exactly what applies to your set-up
• Banks may close or refuse accounts for remittance businesses, so confirm early
• Lease terms, council approval for the use of the premises and signage rules
• Public liability, contents and cash-in-premises insurance
• Provider fees and commission can change, so avoid relying on a single provider

Startup costs are typically around $15,000 to $50,000, depending on your premises and set-up. Lease terms and signage rules can affect the total, so check these carefully before you commit to a location.

Monthly revenue is typically estimated at around $3,000 to $15,000, depending on location, customer volume and the providers you work with. Providers pay your commission and customers pay any extra service fees, which can change over time.

Check AUSTRAC registration and anti-money-laundering and counter-terrorism financing duties for your exact set-up. Also confirm early that a bank will keep your account open, and check lease terms, council approval for the premises, signage rules and insurance.