How to open a money transfer service like Western Union?

Question

Hi,

I'm looking for information about opening a money transfer service like Western Union: the paper work, who to talk to, how to get a permission, and so on.

Thanks a lot in advance.

Answer 1

these are just thoughts and I know that you have thought about some of it but here goes anyways. You would have the need of a huge marketing machine to be viable you have to be everywhere. That might not include little no name Maine or no where Texas but on th whole of things you have to be just about everywhere. Secondly you will need several million dollars as seed money. This may not have occurred to you but if a person comes into a send off point and is picked up before that money was post to your Company account there will have to be funds in the bank to cover the transfer. You will be operating over the state lines there you will need clarification from Interstate Commerce Commission. To be competitive with Western Union you will also need to contact the foreign ministries and Commerce commissions for all of the countries that you plan to operate in. Frankly I think that it would take many millions of dollars and even then I don't think that you would even then come anywhere close to making them feel the pinch. They have been developing for many years and have negotiated their way in all of the states and most foreign nations