Online currency ordering with pickup

Travellers planning a trip, families sending cash abroad, and small businesses that need foreign cash in advance.

You earn the spread between the rate you buy at and the rate you sell at, sometimes plus a small fee. Your income is that margin, not the total cash you handle.

• Careful with numbers and cash
• Basic website and online ordering setup
• Customer service and clear communication

• Money services businesses generally need to register with FINTRAC and run an anti-money-laundering compliance program, so check the current requirements
• Quebec has its own licensing for money services businesses, so check with Revenu Québec if you operate there
• Verifying customer identity for online orders, and reporting rules for large or suspicious transactions
• Check whether your bank will support your account and online payments
• Rate changes between order and pickup can eat your margin, so set clear rate-lock terms
• Holding and handing over cash raises security risk, so check cash insurance and commercial general liability cover
• Check municipal rules for operating from an office or shared space

Estimates typically run around $15,000 to $60,000 to start, depending on your office or secure space, website setup and how much foreign cash you hold. Rate changes between order and pickup can affect your margin.

Estimates suggest monthly revenue of typically around $2,000 to $10,000, depending on order volume and the opening hours you offer for pickups. Revenue is not profit, so allow for rate movements and security costs.

Check whether you need to register with FINTRAC and run an anti-money-laundering compliance program, plus Quebec licensing if relevant. Also check how to verify customer identity online, reporting rules for large or suspicious transactions, bank support, cash insurance and municipal rules for your office.