Community money transfer service

Families, newcomers and small traders in one community who want a trusted, personal service with better rates or support in their own language.

You charge a fee or exchange rate margin on each transfer. Revenue depends on building trust and volume in your community, and compliance and partner costs come out of it.

• Strong compliance and record keeping habits
• Network within a specific community
• Comfortable with online banking and payment tools
• Clear, honest communication

• Money services businesses generally must register with FINTRAC, appoint a compliance officer and keep a written compliance program, so confirm what applies to you
• Quebec has additional licensing through Revenu Québec, so check your provincial rules
• Banks may refuse accounts to money services businesses, so ask early about banking options
• Startup costs can be substantial: legal and compliance advice, transfer and screening software, insurance, and working capital or prefunding for payout partners all need budgeting
• Sanctions screening, fraud and scam risks need real processes
• Check whether you need provincial or municipal business licences
• Professional liability, crime and cyber insurance may be worth asking about

Startup costs are typically around $40,000 to $150,000, depending on legal and compliance advice, software, insurance and working capital for payout partners. These are estimates only, so get quotes for each item first.

Monthly revenue is typically around $2,000 to $10,000, depending on the routes you serve and how many customers use you. It is an estimate, so plan carefully before committing money to compliance and prefunding.

Money services businesses generally must register with FINTRAC, appoint a compliance officer and keep a written compliance program. Also check Quebec licensing through Revenu Québec, banking options (banks may refuse accounts), sanctions screening and fraud processes, and provincial or municipal licences.