You can start a money transfer business in India with no investment, by registering as an agent for an existing, RBI-authorized service provider like Religare Digital.
Religare Digital has an easy to use digital platform that offers 25+ e governance services, attractive commission rates and reliable agent support for marketing and training. So by registering with Religare Digital as a customer service agent you can use their brand’s market trust and infrastructure to run your suvidha center.
With evolving regularities and growing demand for instant payments, this is one of the most reliable money transfer business opportunities. When working with reliable partners like Religare Digital the business journey becomes smooth, as they adhere to strict guidelines set by RBI and keep up with customer trust by ensuring security & quality of services.
Step-by-step guide to start a money transfer business with Religare?
The Religare Digital authorised DMT agents help customers transfer money from one location to the other instantly from any bank account across India. The user can transfer the funds easily to any nationalised or private bank in India, provided it supports NEFT or IMPS. Here is a step by step process to begin a money transfer business –
Step 1: Explore business opportunities
Visit the official website of Religare Digital to get a detailed overview of customer service products and services. Make yourself aware about the several benefits of joining as a Domestic Money Transfer agent.
Step 2: Show Your Interest
Fill out the form on the website with your complete details and submit the form. Be careful in filling your name, contact details and products you are interested in, for starting your jan sewa kendra business.
Step 3: Discussion
With Religare Digital, you will receive a call back to verify and assess your interest for the citizen services. They will also brief you about your role and responsibilities and answer any questions about the business & products.
Step 4: Join as Money Transfer Agent
Joining as a Religare agent is a paperless process. The team also helps you in completing documentation and onboarding. Once you complete registration as a money transfer agent, the team will provide you the necessary training, business assistance and understanding of basic marketing.
Best practices to follow while starting a money transfer business
1. Always complete KYC verification
Do not take the process of KYC and verification completion lightly. The KYC process supports compliance and enhances customer trust as only verified agents can join the Religare platform. In this way, the DMT service provider ensures that the DMT business is protected from scammers and fraudsters.
2. Conduct instant payments compliance checks
Though instant payments bring a good commission business for you but they also bring higher cyber risk. Put in place real-time compliance checks as guided, it helps to protect against frauds and illegal money transfers.
3. Use a business bank account for direct money transfer operations
Do not mix up bank accounts and use a business bank account for remittance activities to make sure that you stay transparent and compliant. This practice keeps the personal and business funds separate and helps in preventing fraud and improves the credibility of your business.
4. Utilise money transfer business software for compliance
Adopt and make the most of the advanced money transfer software that automates KYC, anti-money laundering and other compliance checks. The platform provided by Religare Digital brings down dependence on manual work and ensures that you are working in a secure format. .
5. Safeguard your money transfer business against scams
Protect your business from fraud and scam with proactive security. Use Religare Digital’s advanced monitoring techniques to find out abnormal activities and block suspicious money transfers. It is your duty to not only keep yourself safe but also keep the customers aware about security practices.
Knowing all these benefits, if you want to join as Religare Digital’s Money Transfer agent, visit the official website and fill the form.
