Do you Need a US Money Transfer License if You’re Licensed Elsewhere?

Yes, you do. If you’re licensed outside US and pick up customers within the United States without a money transfer license, you’re violating a US law.

Yes, that’s right. The US government makes no distinction between money transfer operating within the country and money transfer companies licensed outside the US, but picking up US customers.

According to FinCEN, companies licensed outside the US but picking up US customers will be classified as money services business. Thus, they would be required to obtain a money transfer license in the United States.

For more detailed information, watch this video:

Is FinCEN Registration a Money Transmitter License?

You would be surprised how many people would think that if you go to FinCEN’s website and register, you are now licensed and have what you believe to be money transmitter licenses for your money services business.

Not true.

A FinCEN registration is NOT a license. In fact, there is no federally issued money transmitter license.

Here is a video I recently did on this subject that explains it in detail.

There is a complete YouTube playlist on How to Start a Money Transfer Business series on my YouTube Channel.