Obtaining a Money Transmitter License

A money transmitter license is a legal requirement when starting your money transfer business. So, if you are classified as a money service business (MSB), you will be required to apply for and obtain a money transmitter license.

Money transmitter licenses (MTL) are not cheap. They are pretty expensive, and you will have to wait for months to get your own license. In the United States, there are fifty different licenses and you will have to apply for each one of them

There are easy and simple ways as well to obtain a license. You can either work and partner up with existing license holders or can get in touch with a bank. Banks provide you legal coverage for licensing.

Watch this video to learn more about how to obtain a MTL.