Money transfer agent counter

Newcomers, international students, temporary workers and families sending money to relatives, mostly in neighbourhoods with strong diaspora communities.

You earn a commission or share of the fee and exchange margin on each transfer. Income grows with steady footfall and repeat customers, and the counter can bring in extra sales for the shop.

• Careful with cash and paperwork
• Friendly, patient customer service
• Comfortable with ID checks and record keeping
• Languages spoken in your community help

• Money services businesses generally need to be registered with FINTRAC and run a compliance program, so check whether your provider's registration covers you or you must register yourself
• Quebec has its own licensing through Revenu Québec, so check your provincial rules
• Customer ID checks, record keeping and reporting duties apply, and mistakes can bring penalties
• Holding cash raises robbery and fraud risks, so check insurance and security needs
• Banks can be cautious with money services businesses, so ask providers how settlement works
• Check municipal zoning and business licence rules for your premises

Startup costs are typically around $5,000 to $25,000, depending on your premises and how you set up the counter. These are estimates only, so check what your transfer provider requires and budget for security and insurance.

Monthly revenue is typically around $1,500 to $7,000, depending on your location and how many customers send money through you. This is an estimate, and you earn a fee on each transfer.

Money services businesses generally need FINTRAC registration and a compliance program, so check whether your provider's registration covers you. Also check Quebec's licensing through Revenu Québec, ID check and reporting duties, insurance and security, and municipal zoning and business licence rules.