A more thorough explanation:

A money service business is a type of financial company that helps people make payments or exchange currency. Unlike banks, they do not accept deposits or give out loans. Examples of money service businesses include:

• Money transmitters: Companies that help people send money to others, often across borders.
• Payment instrument sellers: Businesses that sell prepaid cards or other payment methods.
• Stored-value providers: Companies that offer digital wallets or other ways to store money electronically.
• Check cashers: Services that cash checks for a fee.
• Currency exchangers: Businesses that exchange one type of currency for another.

For example, if someone wants to send money to a family member in another country, they might use a money transmitter. The money transmitter would take the money from the sender and give it to the recipient, often in a different currency. The sender would pay a fee for this service.

Another example is a check casher. If someone receives a check but does not have a bank account, they can go to a check casher to get the money. The check casher would take a fee for this service.