How to Start a Money Transfer Business

Money Transfer

Do you want to start a business this New Year? One business that you can try is the money transfer business. Because of the fast-paced technology, sending money to far-flung areas is now more convenient. Here are some things you need to consider when you want to start a money transfer business:


Money transfer or remittance agents should apply for a business permit within the municipality or city where their business is located.

Apply a sole proprietorship with the Department of Trade and Industry. For partnerships and corporations, register your company with the Securities and Exchange Commission. For cooperatives, they should apply at Cooperative and Development Authority. Then they can apply for registration certificate with the Bangko Sentral ng Pilipinas.

Money Transfer - 2

Here is the list of documents you need to secure when you register to BSP:

  1.  Application for a certificate of registration to act as FXD/MC/RA
  2. Attendance in anti-Money Laundering Law seminar
  3. Incorporation papers authenticated by SEC for corporation or partnership, CDA for cooperative, or DTI for single proprietorship
  4. Copy of business license or permit from the city or municipality, which serves as the location of your business
  5. List of stockholders/ partners/ directors/ principal officers
  6. Notarized Deed of Undertaking to strictly comply with the requirements of all relevant laws, rules and regulations, signed either by the owner, partner, president or officer of equivalent rank
  7. Two copies of passport sized pictures, Xerox copy of 1 valid ID with picture and signature of proprietor or officer
  8.  Notarized document on tie-up agreement with a remittance company/ remittance service provider


Another thing to comply with when you want to open a money transfer business is registration with the BIR. You will obtain official receipts/ invoices, a book of account. You need to make sure that you will comply with the internal revenue tax obligations with the government.

You also need to comply with the requirements when you are going to hire employees.


Once you have completed all the documents, you are now good to go on your money transfer business. You can start accepting money transfer requests or offer online services.

Now that you have the basic knowledge, you can now put up your business. You will learn other matters regarding the operations along the way. It may be a bit complicated but you need to focus on your goals.

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