Money Transfer Agents


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Money transfer agents are the coordinators between the client and the money transfer service provider. Money transfer includes cashless remittances or payment systems. The job of money transfer agents is to ensure that all the transfer activities and client account postings are properly reconciled. Some of the banks, post offices, foreign exchange bureaux and retail outlets also serve as money transfer agents. Most of the well-known agents include Western Union, Travelex, VISA etc.

Money transfer agents actively participate in all types of trades that include:
To create wire transfers using proprietary software:
Money transfer agents use state of art technology to transfer money from one entity to another.
To supervise distribution of checks/DD/Cash to international clients:
The agents closely monitor the safe and timely allocation of money to its clients.

To register new accounts and deduct funds for various charges:
Money transfer agents are also responsible for marketing and advertising their parent company. Proper registration with all the clients’ details is maintained by these agents. They are also supposed to deduct the initial charges, if any, from the client account.

To convert foreign exchange currency:
Money transfer agents operate on behalf of their clients to keep track of foreign exchange conversion rates. They facilitate smooth forex transactions by utilising their knowledge on foreign markets.

To scrutinize discrepancies with posted funds and transfers:
The agents sometimes act as official investigators in the event of any fraudulent activities.

The person should be a graduate in commerce or science. He should also be proficient in computer knowledge. Strong communication skills, team oriented interpersonal skills, problem-solving skills, ability to work independently would be an added advantage. Apart from this the money transfer agents are required to be committed, proactive and enthusiastic about growing the money transfer business.
Benefits of being money transfer agent:
• The job offer money transfer agent attracts high percentage commission on every transaction. The commission offered is highly competitive. Besides, the agent is also rewarded with the incentives throughout the year.
• The money transfer agent is responsible for marketing and advertising the company he presents.
How do money transfer agents benefit customers?
• The money transfer agent ensures safe, secure and reliable operating system.
• He works jointly with the customers in the entire transaction process right from filling the form to the actual transfer of money.
• He makes the process convenient and easy to use.
• The receiver does not have to pay any fee to the money transfer agent.