[Exchange and Arbitrage]

[MarZack]

Hello,
I hope that you are fine. I'm New to the forum.
Situation: EU Resident.
Skills & profession: Architect and software developer
Business:
1. Act as an intermediary between people who want to send EUR to one or more africain countries (Would like to start with only one). The received EUR amount will be sold with up to 2.5% margin to entrepreneurs and marketers. The sending users will have the equivalent local currency with the interbanking exchange rate without any fees.

2. I also will need to buy crypto (USDT) to sell (depending on situation) or any other asset value to get the best of the received EUR.

3. I aim to do up to 20k per day in the upcoming few years.

4. This is not my main activity.

My question:
1. Do you think I can do that with my own name ?
2. Which bank do you recommand ?
3. Do I need any licence ?

Many thanks !

 

[JustAnotherNomad]

1. No
2. No idea
3. Depends on the location of the business, but most likely, yes

 

[Forester]

Hello,
I hope that you are fine. I'm New to the forum.
Situation: EU Resident.
Skills & profession: Architect and software developer
Business:
1. Act as an intermediary between people who want to send EUR to one or more africain countries (Would like to start with only one). The received EUR amount will be sold with up to 2.5% margin to entrepreneurs and marketers. The sending users will have the equivalent local currency with the interbanking exchange rate without any fees.

2. I also will need to buy crypto (USDT) to sell (depending on situation) or any other asset value to get the best of the received EUR.

3. I aim to do up to 20k per day in the upcoming few years.

4. This is not my main activity.

The description of your business model is, unfortunately, not well understandable to me:
What does it mean “The received EUR amount will be sold with up to 2.5% margin to entrepreneurs and marketers. The sending users will have the equivalent local currency with the interbanking exchange rate without any fees.”?
Who would be your customer? An European wanting to send some EUR to Africa? An African wanting to receive money – EUR? Or his local currency? How the transfer(s) itself is to be performed?

Anyway, it's a payment operations business. So

My question:
1. Do you think I can do that with my own name ?

Theoretically perhaps yes (depending on the applicable jurisdiction) but it is a suicidal mission.

2. Which bank do you recommand ?

Impossible to judge without real understanding what you really want to do.

3. Do I need any licence ?

Definitely yes – at least in Europe or any other not very exotic/non-standard jurisdiction. And be advised that usually it is neither easy nor cheap to obtain it. Nowadays.
(And if doing some payment business without a licence, you can easily end in jail.)

 

[MarZack]

1. No
2. No idea
3. Depends on the location of the business, but most likely, yes

Thanks for your reply

The description of your business model is, unfortunately, not well understandable to me:
What does it mean “The received EUR amount will be sold with up to 2.5% margin to entrepreneurs and marketers. The sending users will have the equivalent local currency with the interbanking exchange rate without any fees.”?
Who would be your customer? An European wanting to send some EUR to Africa? An African wanting to receive money – EUR? Or his local currency? How the transfer(s) itself is to be performed?

Anyway, it's a payment operations business. So

Theoretically perhaps yes (depending on the applicable jurisdiction) but it is a suicidal mission.

Impossible to judge without real understanding what you really want to do.

Definitely yes – at least in Europe or any other not very exotic/non-standard jurisdiction. And be advised that usually it is neither easy nor cheap to obtain it. Nowadays.
(And if doing some payment business without a licence, you can easily end in jail.)

Sorry if I was not clear.
The business is similar to wester union to make it simple. Senders are Europeans.
I was just trying to explain how my business would be.
I will try to see licence even for a 10-15k eur per day
Thanks a lot for your return