How to Become a Successful Money Transfer Agent

Every year, thousands of small business owners opt to become money transfer agents, offering remittance services as an additional revenue stream. In most cases, sole traders and small commercial entities quickly discover the economic potential of the money transfer industry as well as a whole host of side benefits, including establishing a stronger rapport with their local community.

Given these advantages, let’s explore some of the core facets of the role as well as the key steps you will need to take before becoming a successful money transfer agent.

Understanding the Role of a Money Transfer Agent

Authorized by leading money transfer players, agents are an integral part of the wider remittance ecosystem. Often operating out of convenience stores, newsagents and internet cafes, agents facilitate the transfer of funds between two individuals by acting as the intermediary between the sender and the beneficiary. In practice, this involves verifying customers’ identities, inserting their transfer details into an online system as well as carefully handling any cash payments.

Crucially, money transfer agents also provide millions of migrants with a familiar face, one that can reassure them during the transaction process. This comforting in-person experience helps to establish trust and build customer loyalty. Equally, agents play a vital role in expanding money transfer networks beyond big cities and major industrial centers. With premises already set up to serve local populations, money transfer agents help extend remittance services to rural areas and underserved urban neighborhoods.

Step-by-Step Guide to Becoming a Ria Money Transfer Agent

Initial Requirements

As a small business owner, you already possess two core components that will help kickstart your career as a money transfer agent: your store and your customers. Combined, they provide you with a commercial presence as well as a basic understanding of local migrants’ needs, including their preferred languages.

Additionally, you will also need a printer, a functioning computer and a stable internet connection. These devices will enable you to process cross-border transfers and provide customers with physical receipts for their transactions.

Application Process

First and foremost, to register your interest in becoming a Ria money transfer agent, you need to visit our dedicated “Become an agent” webpage and provide us with some initial contact details as well as the name and sector of your small business.

A member of our sales team will then reach out to help you build the strongest possible application. Given you will be handling cash and personal information, we will need to provide national authorities with a variety of documents as well as physical proof of your commercial address. As an experienced money transfer company with an extensive agent network spread across nearly 200 countries and territories, we have a thorough understanding of all the relevant laws and regulations in each nation. As a result, we can help specify the precise information you are required to provide and resolve any lingering doubts you may have regarding the application process. During this phase, you will also receive a contract from us, which among other things contains your commission rate.

Once all the necessary documents have been collated and the contract signed, Ria employees will submit your application to a national or regional regulator. In coordination with other authorities, the regulatory body will then carefully review all the information provided before ultimately deciding whether your career as a money transfer agent can begin.

Onboarding

As soon as we receive confirmation of your approval, our sales team will swiftly contact you to schedule your training. Before the session begins, our specialists will activate your account and issue you a unique agent number, a code that will enable you to process cross-border transactions on our online platform.

Next, an employee from our sales team will carefully guide you through our system and perform a series of mock transfers to make sure you can confidently assist customers with their remittance needs. Equally, we will also provide you with additional training to help you keep your business safe, while at the same time broadening your overall knowledge of the money transfer sector.

Once the training session concludes, you can officially start offering money transfer services from your commercial premises.

Building Your Customer Base

Particularly during the initial phase of your career as a money transfer agent, it’s important that you leverage your position as a small business owner to become a leading figure in the community. In practice, this means expanding your knowledge of the local migrant population. Understanding where they work, what social interests they have as well as gaining a broader comprehension of their culture will help you establish customer profiles.

Equally, as a public-facing role, it’s essential that you provide excellent customer service. Many migrants, especially the first time they send funds from a new location, are anxious and need to be reassured that their transfer will reach their loved ones quickly and safely. With that in mind, make sure you are always calm and communicate clearly, using all the interpersonal traits you already deploy in your other business activities.

Additionally, you might want to consider using social media channels to help spread the word. With the average user spending 143 minutes a day on social platforms, these networks can be an extremely useful way of getting your message across. For instance, many agents place their transfer rates on their Facebook and Instagram pages as well as the information section of their WhatsApp profiles.

Furthermore, to boost transactions, contemplate introducing your own promotions and special offers. For example, after a sequence of five transactions, some agents offer a discount on the sixth transfer. Others organize raffles and competitions that give customers the chance to win products from their stores. Offering special promotions will provide local migrants with an added incentive to use your remittance services, while also making them feel part of the process.

Benefits of Becoming a Ria Money Transfer Agent

As a leading money transfer player with nearly forty years of experience, we can provide you with all the knowledge and support you need to thrive. Our forward-thinking mentality and progressive nature of investing in our staff and modern technology means we can offer our agents swift multilingual support and a simple, well-refined transfer interface. Equally, we consider agents to be part of our wider orange team and, as a result, we’re always thinking of new ways we can be of further assistance. For instance, our new custom-built monthly earnings spreadsheet will help you keep track of your commission fees as well as all your expenses and other sources of income.

Better still, becoming a Ria money transfer agent doesn’t require any investment. With virtually no upfront costs, you can diversify your small business without assuming any financial risk. At the same time, offering this kind of service won’t divert much of your time and energy away from your other commercial interests. Having trained hundreds of thousands of agents, our onboarding process is fast, simple and seamless.

Offering money transfer services will also, crucially, provide you with an additional source of revenue and boost your income. While the amount you earn in commission fees depends on you, we offer generous rates and most of our agents quickly observe a notable increase in their overall earnings. Even agents that opt not to focus primarily on remittances often make enough money to cover other business expenses like rent or the salaries of their employees. Additionally, we will also advertise inside and outside your store to further entice new customers, consumers who may then seek to purchase other goods and services.

Interested in supplementing your income? Visit our dedicated Become an Agent webpage to get started.