Renting a license is never a good idea. However, bank sponsorship is a different. Yes, banks can sponsor your money transmitter license. In this setting, banks will handle the money movement and channeling on your behalf. Essentially, the bank will act as the program manager. Under bank sponsorship, you will be relieved of all banking …
Businesses and companies who need a money transmitter license in NY or New York are fully described on the Department of Financial Services website. A money transmitter is a business that issues and sells traveler’s checks and money orders, and transmits money on behalf of the public by any means including transmissions within this country …
Have money transmitter license rental services been offered to your business? Remember that renting a license is never a good idea. For startups and payment companies in the money transfer business, it is essential to get licensed in the countries and US states they wish to work in to comply with regulations. However, due to …
Money Transmitter License Rental – Is it a Good Idea? Read More »