What does a Money Transmitter do?
A money transmitter is a service that offers money services and wire transfers to various accounts located in different areas of the world. Most, if not all, of the transmissions are done electronically. This is due to the fact that electronic transfers often represent the fastest and most reliable way to get the transaction completed in an economical fashion. The main purpose of money transmitters is to provide money services to clients in a secure fashion. In most cases, in order to effectively provide these services, a money transmitter will use its own account from which to send the money. The client will be responsible for providing payment for the service. This will not only include the money for the amount to be sent but any additional fees that are charged. The money transmitter will often require a secure form of payment in order to provide the service. This is because without a secure form of payment, the money transmitter will experience a great amount of risk due to fraud.
