money tranfers app & website

S

shaymiller

Regular Member
Joined
Dec 3, 2016
Messages
456
Reaction score
45
I found a seller on fiverr that will make me money transfer website for some money. Is that legit? I told him I want users to able to add funds to their account using their bank account or paypal and able to send to anyone in Asian country. he said he can do that buy using api for any bank. I wonder how that is possible. If so, why isn't more ppl doing to compete with western union or other money transfer around the world. There many out there, but if anyone can start their own in their home city, why not? it would be niche? my concern was that how can developer have access to bank api or how can someone trust my service that their money will be sent

developer fee was $150.
 
Advertise on BHW
How do you think to grow your agency network? WU and MoneyGram literally on every corner and in every bank. And 150$ for service like WU ... well I even don't know what to do in here to laugh or to cry.
 
shaymiller said:
I found a seller on fiverr that will make me money transfer website for some money. Is that legit? I told him I want users to able to add funds to their account using their bank account or paypal and able to send to anyone in Asian country. he said he can do that buy using api for any bank. I wonder how that is possible. If so, why isn't more ppl doing to compete with western union or other money transfer around the world. There many out there, but if anyone can start their own in their home city, why not? it would be niche? my concern was that how can developer have access to bank api or how can someone trust my service that their money will be sent

developer fee was $150.
Click to expand...
did the app work? if so 4 how long?
 
Well the problem is you need credibility for your apps/web. And it cost a lot of money
 
shaymiller said:
he said he can do that buy using api for any bank.
Click to expand...

Technically speaking, he is right. He might have his own script that can connect with banking APIs with few clicks and work as a money transfer site.

Now the real questions -

1. Where is your company incorporated?
2. Are you eligible to get access to those APIs in the first place?
3. Is your fintech service complies with the required regulations?

This is not a impossible thing, Fintech services are popping up every now and then. Its not just that easy that you can pay someone $150 on fiverr and get it up and running within 3 days.
 
One thing to add: profitability.

For the technical part, any developer with some experience can create a money-transfer app.

However, the ting that will actually matter will be your profitability.

Fintech (and financial companies in general) are a volume-based business. So you will need thousands or million of transactions each month to make it work while. And you can't really acquire this volume anymore organically (because there are already competitors like WU, MoneyGram, etc). So you'll need millions to invest in promotions.

It doesn't look like a feasible idea for starting in 2020 if you don't have millions of $$$ under your control.
 
Also there are tons of regulations, laws and what not to get a service up and running.

We once had a customer that wanted a custome CC integration for it's site.
I tell you holy shit, the regulations, dos and don'ts of the CC companies is something you don't want to handle with a small team.
 
There is a lot more to it than Just hiring a random freelancer. Laws, regulations etc.
 
there is a banking license required to operate these type of services , and so on
 
Most probably its a money exchange service you are talking about. If someone give you in paypal in return you have to send in wise/other bank.
 
As a developer who is working in the fintech industry, there is something called open banking, where you can have access banking apis, for certain things, the problem is not building the app that's the easy part. The hard part is the regulations involved and the marketing. Different countries have different regulations and licenses you have to buy to operate. If you are serious about this we can talk on my dm.
 
I have a money transfer MVP built. Everyone on this thread is right. There are issues with regulation and marketing a money transfer app. DM me if you know how to help resolve the issues. We could work out some partnership such as a 50/50 split in revenue.
 
joncdev said:
I have a money transfer MVP built. Everyone on this thread is right. There are issues with regulation and marketing a money transfer app. DM me if you know how to help resolve the issues. We could work out some partnership such as a 50/50 split in revenue.
Click to expand...
which country is your target market and so i can know the regulations involved.
 
Ponti93 said:
As a developer who is working in the fintech industry, there is something called open banking, where you can have access banking apis, for certain things, the problem is not building the app that's the easy part. The hard part is the regulations involved and the marketing. Different countries have different regulations and licenses you have to buy to operate. If you are serious about this we can talk on my dm.
Click to expand...
Do you have signal?!
 
joncdev said:
I have a money transfer MVP built. Everyone on this thread is right. There are issues with regulation and marketing a money transfer app. DM me if you know how to help resolve the issues. We could work out some partnership such as a 50/50 split in revenue.
Click to expand...
Stil active?
 
Im located in Sweden, Swedish gov justmade Swedish money banned to change outside of Sweden so there is a great need for a legit money transfer/crypto app, dm for more info
 
Development with a bank using an API is not so difficult if you have a suitable bank account. The main difficulty is licensing activities and correct execution of transactions to avoid chargebacks.
 
Advertise on BHW
You must log in or register to reply here.
Sign up now!

Main Menu

Home Main Forum List Black Hat SEO White Hat SEO BHW Newbie Guide Blogging Black Hat Tools Social Media Downloads

Marketplace

Account Selling Content / Copywriting EBooks / Methods Hosting Misc Proxies For Sale SEO - Link building SEO - Packages Social Media Social Media - Panels Web Design More

Making Money

Affiliate Programs Hire a Freelancer IM Journeys Making Money Pay Per Click Site Flipping Want to Buy

BlackHat World

Dispute Resolution Forum Suggestions & Feedback Introductions Lounge
Back
Top