Money Transfer MSB Permission Canada | Remittance License
The money transferring permission authorizes a Canadian MSB to receive funds from one party and remit them to another — covering remittance services, P2P transfers, and cross-border payments. Always 10+ FINTRAC-registered MSBs in stock with this permission included.
What This Permission Lets You Do
- Operate a remittance service (Canada to abroad, abroad to Canada)
- Provide P2P money transfer services
- Run a corporate cross-border payment platform
- Operate a money transfer agent network
- Provide payouts in fiat or stored value
What This Permission Does NOT Cover
- Holding customer funds in payment accounts (triggers RPAA)
- Pure FX dealing (separate permission)
- Issuing securities-like investment products
Compliance Requirements
- Customer ID & verification (KYC, including beneficial ownership)
- EFTR (Electronic Funds Transfer Report) for international transfers ≥$10,000 CAD
- Travel rule for transfers ≥$1,000 CAD
- Suspicious transaction reporting
- Full AML compliance program with corridor-specific risk assessment
- 5-year record retention
Frequently Asked Questions
Do digital remittance apps need this permission?
Yes. Any platform that receives money from one party and remits to another is a money transferring MSB and needs FINTRAC registration with this permission. Most also need RPAA registration since they typically hold funds in transit.
What corridors are most popular for Canadian MSBs?
Common corridors: Canada–India, Canada–Philippines, Canada–Mexico/LatAm, Canada–Africa (Nigeria, Ghana), Canada–Caribbean, Canada–China, Canada–Eastern Europe (post-2022 surge for Ukraine flows).
Can I buy an MSB with money transfer permission already?
Yes. All our ready-made MSBs include all 6 permissions including money transferring. Browse inventory.
Do I need RPAA for a remittance service?
Most likely yes. If you hold customer funds in transit between collection and payout (which most remittance services do), RPAA applies. Read RPAA guide.
What’s EFTR?
Electronic Funds Transfer Report — FINTRAC’s reporting requirement for international electronic fund transfers of $10,000 CAD or more (or equivalent). Must be filed within 5 business days.
