Money transfer agent storefront

Individuals and families sending money to relatives abroad or across the country, especially people without easy access to online banking.

You earn a commission or share of the fee and exchange rate margin on each transfer, plus any fees from add-on services. Income depends on transaction volume, so location and trust matter.

• Customer service and building trust
• Careful record keeping and attention to detail
• Speaking the language of your community is a big plus
• Comfort following compliance procedures

• Money services businesses face federal anti-money laundering rules (FinCEN, Bank Secrecy Act, OFAC checks), so check what applies to you as an agent
• Check with your state's financial regulator on whether agents need their own registration or license, since rules vary by state
• Providers may require a security deposit, a bond or background checks, and can end the agreement if compliance slips
• Cash handling brings theft and fraud risks, so check insurance and security options
• Becoming your own licensed money transmitter is a far bigger and costlier step than being an agent

Startup costs are typically around $5,000 to $25,000, depending on your premises, equipment and any deposit, bond or background check the provider requires. These are estimates, and your costs will vary with your location and provider.

Monthly revenue is typically around $1,500 to $7,500, depending on your location, transaction volume and any extra services you add. These are estimates, and the storefront model usually needs about 30 hours a week.

Check which federal anti-money laundering rules apply to you as an agent (FinCEN, Bank Secrecy Act, OFAC checks). Also check with your state's financial regulator on agent registration or licensing, since rules vary by state.