Money transfer agent counter

Migrants and workers sending money to family abroad, students, and people without easy access to online banking or who prefer to pay in cash.

The provider usually pays you a commission or a share of the fee or exchange rate margin on each transfer. Footfall from transfer customers can also help sales of other things in your shop.

• Careful with detail and paperwork
• Confident with identity and compliance checks
• Friendly, trustworthy customer service
• Handling cash securely

• Authorisation: agents normally have to be registered by an FCA-authorised provider, so check you are not operating without the right status
• Anti-money laundering rules, including customer identity checks, record keeping and staff training, which carry serious penalties if broken
• Cash handling, theft and fraud risks, and whether your insurance covers them
• Provider contracts: check exclusivity, minimum volumes, fees and what happens if they end the agreement
• Fit and proper checks on you and any staff, which may include background checks
• Whether you need public liability insurance, and employer's liability insurance if you hire staff

Estimates suggest startup costs typically around £2,000 to £10,000, depending on whether you add a counter to an existing shop or take a small unit, and on the security and equipment you need.

Monthly revenue is typically estimated at around £800 to £4,000, depending on your location, your provider's terms and how many customers use the counter. The idea suggests at least 20 hours a week.

Check that you are registered by an FCA-authorised provider, and that you understand anti-money laundering duties such as identity checks and record keeping. Also check provider contract terms, fit and proper checks, cash risks and insurance.