Money services business

A money services business is like a grown-up piggy bank that helps people send and receive money, buy things or pay bills. Just like how you might put your pocket money in your piggy bank, people can put their money into a money services business.

These businesses have a very important job! They help people who don't have a bank account, or who can't get a credit card, keep their money safe and secure.

Some examples of money services businesses are Western Union, MoneyGram, and PayPal. You might have heard of these before!

People can use these services to send money to their family and friends who live far away, or to pay for things they want to buy online. A money services business can also help people pay their rent or bills if they can't go to the bank themselves.

Before a money services business can do its job, it needs to be registered with the government so that it can be watched and checked to make sure it is doing everything safely and correctly. They also have to follow certain rules, like checking their customer's identification to prevent fraud and money laundering.

So there you have it, a money services business is like a grown-up piggy bank that can help people send and receive money, buy things, or pay bills.