Money remittance
Money remittance, PSD2 Annex I (6), moves a payer's funds to a payee or another provider without ever opening a payment account. In the EU it needs a payment institution, e-money institution or banking licence: a remittance-only PI needs just EUR 20,000 of capital and can passport across the EEA. Outside the EU, a money transmitter or MSB registration applies instead, such as with FinCEN or FINTRAC.
Definition
Receiving funds from a payer solely to transfer them to a payee or another provider, without opening payment accounts.
- PSD2, Annex I (6): official text
Which licence you need
Licence families that typically permit this activity:
- Payment institution (PI)
- Electronic money institution (EMI)
- Money transmitter / money services business (MSB)
- Bank / credit institution
- MSB · Australia
Registration as a remittance service provider
Registration as a remittance service provider (remittance network provider or independent remittance dealer)AUSTRAC
- MSB · British Virgin Islands
Money Services Business Licence, Class A or Class B
Money Services Business Licence, Class A (money/electronic/mobile money transmission) or Class B (money orders, traveller's cheques, cheque cashing, currency exchange)BVI FSC
- MSB · Canada
Money services business (MSB) registration
Money services business (MSB) registration (covers foreign exchange dealing, money transferring, virtual currency dealing, crowdfunding platforms and related services; a separate foreign-MSB registration applies to businesses without a place of business in Canada that direct services at Canadians)FINTRAC
- EMI · Czech Republic
Small-scale Electronic Money Issuer authorisation
CNB
- EMI · Czech Republic
Electronic Money Institution licence
CNB
- PI · Czech Republic
Small-scale Payment Service Provider authorisation
CNB
- PI · Czech Republic
Payment Institution licence
CNB
- MSB · Dubai International Financial Centre (DIFC)
Money transmitter licence
Financial Services Permission for Providing Money Services restricted to Money Transmission only (Category 4)DFSA
- EMI · Estonia
Electronic money institution operating with an exception
FI
- EMI · Estonia
Operating licence as an electronic money institution
FI
- PI · Estonia
Payment institution operating with an exception
FI
- PI · Estonia
Operating licence as a payment institution
FI
- PI · Georgia
Payment institution licence
Registration as a Payment Service Provider (PSP) with the National Bank of GeorgiaNBG
- EMI · Germany
Electronic money institution licence
BaFin
- PI · Germany
Payment institution licence
BaFin
- EMI · Ireland
Electronic Money Institution Authorisation
CBI
- PI · Ireland
Payment Institution Authorisation
CBI
- EMI · Latvia
Registered electronic money institution
LB
- EMI · Latvia
Authorised electronic money institution licence
LB
- PI · Latvia
Registered payment institution
LB
- PI · Latvia
Authorised payment institution licence
LB
- EMI · Lithuania
Electronic money institution licence for restricted activity
LB
- EMI · Lithuania
Electronic money institution licence for non-limited activity
LB · capital EUR 350,000
- PI · Lithuania
Payment institution licence for restricted activity
LB
- PI · Lithuania
Payment institution licence
LB
- EMI · Luxembourg
Electronic money institution authorisation
CSSF
- PI · Luxembourg
Payment institution authorisation
CSSF
- EMI · Malta
Electronic money institution licence
MFSA
- PI · Malta
Payment institution licence
MFSA
- EMI · Netherlands
Electronic money institution licence
Electronic money institution licence (Vergunning elektronischgeldinstelling)DNB
- MSB · Netherlands
Exchange institution licence
Exchange institution licence (Vergunning wisselinstelling)DNB
- PI · Netherlands
Payment institution licence
Payment institution licence (Vergunning betaalinstelling)DNB
- EMI · Poland
Electronic Money Institution licence
KNF
- PI · Poland
National Payment Institution licence
KNF
- PI · Poland
Small Payment Institution registration
KNF
- PI · Singapore
Major Payment Institution Licence
MAS
- PI · Singapore
Standard Payment Institution Licence
MAS
- EMI · Slovakia
Electronic money institution licence
NBS
- PI · Slovakia
Payment institution licence
NBS
- EMI · Spain
Electronic money institution authorization
BdE
- PI · Spain
Payment institution authorization
BdE
- PI · United Arab Emirates
Retail Payment Services Licence (Categories I to IV)
CBUAE
- EMI · United Kingdom
Small Electronic Money Institution (SEMI) Registration
FCA
- EMI · United Kingdom
Authorised Electronic Money Institution (AEMI)
FCA
- PI · United Kingdom
Small Payment Institution (SPI) Registration
FCA
- PI · United Kingdom
Authorised Payment Institution (API)
FCA
- MSB · United States
Registration of Money Services Business (Form 107 / RMSB)
FinCEN
Where it can be licensed
Frequently asked questions
How does a money services business differ from a European payment institution?
In the US, a money transmitter registers with FinCEN as an MSB and then needs a separate licence in each state it operates in. In the EU, one payment institution licence granted in a single member state passports across all the others.
Can a remittance provider use an agent network to receive cash?
Yes. Licensed remittance institutions often appoint retail agents, shops and post offices among them, to collect cash on their behalf. The authorised institution stays responsible for its agents' compliance, customer identification and monitoring, whatever the agent gets wrong.
Sources
- PSD2 Annex I (6) · retrieved 2026-09-24
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