My Mother and I want to put up a money transfer business here in the Philippines. How do we start?
We've been transferring money from Japan to the Philippines for more than 5 years now. We service Yokohama-residents and nearby cities. It's not registered with any local governmental agencies. But this time, I'd like to make it legal & recognized by the government. But I don't know how it goes. I wish somebody out there can help me by providing details.
Small Business - 2 Answers
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Why would people come to you for this service? Can you do it more cheaply than the banks? I've been transferring money to the Philippines from Canada for five years, and it costs only about P1200-P1300. What guarantees can you give the senders and receivers that the money will actually get there? (Don't misunderstand me, I'm not being negative here, just curious about the viability of a private service that the banks can perform safely and efficiently now.)