A money transfer agent in a foreign country is one that operates in other countries as part of the main business in a home country. For example, if there is a money transfer business that has initially been set up in the UK, and if it has established its offices in other countries, then these ‘other offices’ are agents of the main money transfer business. A good and successful money transfer business will have agents all over the world. Higher the number of agents, higher the access rate to people and hence higher will be the number of transactions.
Becoming a money transfer agent for a large money transfer business that has already been established is easy. The money transfer businesses provides all the required and needed facilities to the agents in order to establish and get their businesses going. For example, the money transfer businesses would provide the technical know-how, the manner in which transactions take place, logistics (in some cases) and several other things that are necessary to set up the business. The agents, after receiving the expertise and setting up the branch, become a part of the business.
Established money transfer business, ones that have been in the industry for many years, may find getting an agent easier than those that are not so well established. The established money transfer businesses give the opportunity to almost every business to become an agent. Because a money transfer business does not need a lot of investment, neither does it require having a great deal of expertise, these businesses can be run by almost anyone. For example, a money transfer business can be set up in a store, or in an off-license. All that an agent needs to become a money transfer business is a computer, an internet connection and system software – all of which are mostly provided by the main businesses.
However, getting an agent in a foreign country may be slightly more difficult for the money transfer businesses that are not so well established. For example, a money transfer business that has recently begun to operate would find it rather difficult in comparison to the already established firm to get an agent. The newly established businesses would need to do a few things in order to get themselves agents in foreign countries.
These businesses, first, have to find an agent that they believe they can trust and can go into business with. Because the money transfer business is highly regulated and monitored, it is important for the businesses to keep a clear record of the transactions, and of the sender and the receiver. Second, because every country has different rules and regulations for the money transfer industry, the businesses have to fulfil all the rules and regulations of the country. In some countries, getting a money transfer agent means getting a separate office which will work exclusively as the money transfer agent, while in other countries money transfer businesses can be set up as a side business of another business. Also, a money transfer business that wishes to get agents in the foreign countries should get a money transfer business application. By getting a money transfer business application, the businesses can access the records easily.
Hence, getting a money transfer business agent is not a straight forward task. It varies from one country to another. Large businesses may find it relatively easier to get an agent to those that have newly opened their businesses. Also, every country has a different set of rules for money transfer business which the agents need to fill.