Regulated activity

Money remittance

Transferring funds for a payer without opening payment accounts is money remittance, PSD2 Annex I (6). In the EU it needs a payment institution, e-money institution or banking licence; a remittance-only payment institution needs initial capital of EUR 20,000 and can passport across the EEA. Outside the EU, money transmitter or money services business regimes apply, such as FinCEN and FINTRAC registration.

Last verified 2026-09-24Markdown · Data (CC BY 4.0)
Money remittance: regulated activityPSD2

Definition

Receiving funds from a payer solely to transfer them to a payee or another provider, without opening payment accounts.

Which licence you need

Licence families that typically permit this activity:

Where it can be licensed

Jurisdictions where money remittance can be licensedAustraliaCzech RepublicEstoniaGeorgiaGermanyIrelandLatviaLithuaniaLuxembourgNetherlandsPolandSlovakiaSpainUnited Arab EmiratesUnited KingdomUnited StatesBritish Virgin IslandsDubai International Financial Centre (DIFC)MaltaSingapore
Licences in the Atlas that permit this activity
EU/EEA passportDomestic
Australia: Registration as a remittance service provider (remittance network provider or independent remittance dealer)✓
British Virgin Islands: Money Services Business Licence, Class A (money/electronic/mobile money transmission) or Class B (money orders, traveller's cheques, cheque cashing, currency exchange)✓
Czech Republic: Small-scale Electronic Money Issuer authorisation (povolení k činnosti malého vydavatele elektronických peněz - VEPMR)✓
Czech Republic: Electronic Money Institution licence (povolení k činnosti instituce elektronických peněz)✓
Czech Republic: Small-scale Payment Service Provider authorisation (povolení k činnosti poskytovatele platebních služeb malého rozsahu - PPSMR)✓
Czech Republic: Payment Institution licence (povolení k činnosti platební instituce)✓
Dubai International Financial Centre (DIFC): Financial Services Permission for Providing Money Services restricted to Money Transmission only (Category 4)✓
Estonia: Electronic money institution operating with an exception✓
Estonia: Operating licence as an electronic money institution✓
Estonia: Payment institution operating with an exception✓
Estonia: Operating licence as a payment institution✓
Georgia: Registration as a Payment Service Provider (PSP) with the National Bank of Georgia✓
Germany: Electronic money institution licence (Erlaubnis für das E-Geld-Geschäft nach § 11 ZAG)✓
Germany: Payment institution licence (Erlaubnis zur Erbringung von Zahlungsdiensten nach § 10 ZAG)✓
Ireland: Small Electronic Money Institution Registration✓
Ireland: Electronic Money Institution Authorisation✓
Ireland: Payment Institution Authorisation✓
Latvia: Registered electronic money institution✓
Latvia: Authorised electronic money institution licence✓
Latvia: Registered payment institution✓
Latvia: Authorised payment institution licence✓
Lithuania: Electronic money institution licence for restricted activity✓
Lithuania: Electronic money institution licence for non-limited activity✓
Lithuania: Payment institution licence for restricted activity✓
Lithuania: Payment institution licence✓
Luxembourg: Electronic money institution authorisation✓
Luxembourg: Payment institution authorisation✓
Malta: Electronic money institution licence✓
Malta: Payment institution licence✓
Netherlands: Exempt electronic money institution registration (Vrijstelling elektronischgeldinstelling)✓
Netherlands: Electronic money institution licence (Vergunning elektronischgeldinstelling)✓
Netherlands: Exchange institution licence (Vergunning wisselinstelling)✓
Netherlands: Exempt payment service provider registration (Vrijstelling betaaldienstverlener)✓
Netherlands: Payment institution licence (Vergunning betaalinstelling)✓
Poland: Electronic Money Institution licence (krajowa instytucja pieniądza elektronicznego - KIO)✓
Poland: National Payment Institution licence (krajowa instytucja płatnicza - KIP)✓
Poland: Small Payment Institution registration (mała instytucja płatnicza - MIP)✓
Singapore: Major Payment Institution Licence✓
Singapore: Standard Payment Institution Licence✓
Slovakia: Electronic money institution licence (povolenie na vydávanie a správu elektronických peňazí bez obmedzenia rozsahu)✓
Slovakia: Payment institution licence (povolenie na poskytovanie platobných služieb bez obmedzenia rozsahu)✓
Spain: Entidad de dinero electrónico (EDE) / Electronic money institution authorization✓
Spain: Entidad de pago (EP) / Payment institution authorization✓
United Arab Emirates: Retail Payment Services Licence (Categories I to IV)✓
United Kingdom: Small Electronic Money Institution (SEMI) Registration✓
United Kingdom: Authorised Electronic Money Institution (AEMI)✓
United Kingdom: Small Payment Institution (SPI) Registration✓
United Kingdom: Authorised Payment Institution (API)✓
United States: Registration of Money Services Business (Form 107 / RMSB)✓

Frequently asked questions

How does a money services business differ from a European payment institution?

In the United States, money transmitters register with FinCEN as money services businesses and obtain individual state licences. In the European Union, a single payment institution licence granted in one member state allows cross-border remittance via passporting across all EU member states.

Can a remittance provider use an agent network to receive cash?

Yes, licensed remittance institutions frequently appoint registered retail agents, such as shops and post offices, to collect cash. The authorised institution remains fully responsible for regulatory compliance, customer identification and monitoring conducted by its appointed agents.

Last verified 2026-09-24Author Danil Marmysh, Founder & CEO, ProtegraReviewed by Anastasia Sidorenkova, Head of Licensing, ProtegraReport an errorReference information, not legal advice.

Sources

  1. PSD2 Annex I (6) · retrieved 2026-09-24

Planning money remittance? Get the licence right first

Tell us your model and target markets. We check which licence it needs, and whether a narrower one will do, before you spend on an application.

A free preliminary assessment: we check your business model against the licence before you spend on an application. We handle this licence and any other fintech licence, including jurisdictions the Atlas does not cover yet.