Music, hello. My name is Vessel Khan and I'm a banking and payment consultant. Continuing with our "How to Start a Money Transfer Business" YouTube series, the next topic I want to discuss is licensing. - One of the first questions many people ask when starting a money transfer business is whether it can be done without a license. The answer is no. - Money transfer in all countries and territories requires a license. Money transmission itself generally requires a license. If multiple parties are involved in moving money, all of them need to be licensed. - There cannot be any moment in the flow of funds where an unlicensed party is involved. Money movement throughout the world must happen through licensed entities. - There are two options for obtaining a license. You can either acquire your own license or partner with someone who already has one. - These are the basic requirements; there is no third way. You must work with a licensed partner or have your own license. - Licensing is absolutely mandatory. In the next video, we will discuss how to partner up with someone or get your own license. Thank you.
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