Abhra Paul
JUNE 02 - 2:42 Minutes

How To start a Money Transfer Business in the UK


Starting a money transfer business anywhere around the world can seem tedious; there is a lot of paperwork involved at every step of the process. Embarking on a money transfer business journey in the UK is no different; an individual or a business has to go through a series of protocols and regulations to get their money transfer business on the floor.

Holistically, the money transfer business is an indispensable trade. People will always have the need to send money abroad, especially in countries that have a diverse population, such as the UK. The money transfer market is a booming industry in the UK, with the World Bank reporting that foreign currency outflows from the UK reached upwards of $15.8 billion. The cross-border money transfer industry is gaining significant momentum. The financial services industry is ripe for organisations and individuals; they can leverage this opportunity and build a successful business.

In order to set up a money transfer business in the UK, there are four essential tasks an individual or a business has to carry out:

  • Implement a trusted, compliant and ready-to-use money transfer system
  • The market is overflowing with money transfer platforms that claim a series of benefits; choosing the right one that suits the business purpose and aligns with the company objective is vital. RemitAll Software is a globally trusted name in the cross-border remittance world that boasts of a state-of-the-art platform powered by the latest technologies.

  • Modernisation of legacy technologies
  • Attaining licenses from the necessary financial institutions and governing bodies is vital to any future money transfer business. Registering with Her Majesty’s Royal Service and gaining the applicable certifications from the Financial Conduct Authority (FCA) are essentials to function as a money transfer business in the UK.

  • Build the required pay-out network
  • The United Kingdom (UK) is diverse, with people hailing from around the world. Naturally, these people tend to send money back home. Therefore, partnering with delivery/pay-out networks in destination countries is essential. Alternatively, a spread out network of delivery agents is also beneficial to a money transfer business.

  • Opt for a bank account
  • A bank account goes a long way in boosting the operational efficiency of any money transfer business. RemitAll Software is registered with the UK bank and provides a remittance payment account to businesses looking for an opportunity to start a global money transfer business.

RemitAll Software empowers money transfer businesses to embark on their global remittance journey from start to finish. It also provides businesses with a scope to expand and elevate their operations to the next level.

Let’s look at a few commonly asked questions pertaining to the world of remittance.

How to set up an online money transfer business in the UK?

Setting up a money transfer business in the UK includes:

  • Formulate a business model
  • Form an organisational structure
  • Register with Her Majesty’s Royal Service (HMRC)
  • Apply for certifications from Financial Conduct Authority (FCA)
  • Integrate with a suitable software platform

How to get a money transfer license in the UK?

Gaining the proper licenses requires:

  • Collating the necessary documents
  • Accessing a bank account
  • Signing up on the FCA Connect Platform
  • Filling up the application form
  • Submitting the application fee
  • Going through the official enquiry

Is Money Transfer Business Profitable in the UK?

The United Kingdom is filled with people from across the world who are looking for newer and more efficient avenues to transfer money abroad. An efficient money transfer business stands to make significant profits in the UK if it serves the customer well.

Reading time 2:42 Minutes

Abhra Paul

An ex-developer with a passion for writing. Skilled in Copywriting, Feature Writing, Social Media Posts. Started working as a content writer after spending 2 years with a tech giant as a software developer.