Faisal Khan
Answers by

Faisal Khan

Cross-border payments, banking access, licensing. Thirty-one years inside regulated money movement.

Founder, Faisal Khan LLC·Istanbul, working globally
3,061Questions answered
31+Years in payments
400+Companies served
72+Countries
About

Every answer on askmint is mine. I have spent more than thirty-one years in financial services, almost all of it on one problem: how money legally crosses a border, and what a regulator needs to see before it will.

My career began in technology, not banking. I moved into banking and payments, and then into cross-border payments. That is where I saw how badly companies get caught by the rules across many countries. Not because the rules are impossible, but because the wrong structure was chosen before anyone understood the flow of funds.

Since starting the consultancy in 2010, I have worked with more than four hundred companies across seventy-two countries, from early-stage startups to established financial institutions. The work is helping them obtain licences, secure banking relationships, and build compliance frameworks that hold up under examination.

Today it is mostly licensing strategy, MSB banking access and cross-border payment structures, alongside writing, speaking and the educational sites that sit around the practice. This site is one of them.

Every call I take, I take myself. Twelve thousand of them so far.

Where I work

Licensing and compliance

Money transmitter licences, payment institution registration and compliance programmes across many countries. More than fifty licence applications done.

Banking relationships

Getting and keeping bank accounts for high-risk and regulated businesses. The part most operators underestimate.

Cross-border payments

Payment corridors, settlement design, FX risk and the licensing that sits underneath international money movement.

What I am not
  • A bank, money transmitter or money services business
  • A law firm. Nothing here is legal advice
  • In the flow of funds. I never hold client money

Answers

3,061 answers · newest first
How do cryptocurrencies help people who are unbanked or underbanked? May 3, 2018 Emerging Markets and Financial Inclusion Why do banks engage in offshore banking? Apr 6, 2018 General Finance Questions Is Circle Pay a licensed money remittance company? Apr 1, 2018 US Money Transmitter Licensing and MSB Registration How do you pay taxes on cryptocurrency assets in Pakistan? Apr 1, 2018 Tax and Financial Reporting What’s Western Union’s value proposition versus competitors or alternative transfer methods? Mar 9, 2018 Money Transfer Business and MTOs Which banks offer the best travel-friendly banking (no FX fees, no international fees, no ATM fees)? Mar 1, 2018 Personal and Consumer Finance, Budgeting and Saving Which industries are most likely to be transformed by blockchain? Feb 11, 2018 Cybersecurity, Digital Identity and Authentication Why should local banks expand internationally? Feb 11, 2018 Business Strategy, Case Studies and Lessons Learned Why are salaries usually paid monthly instead of continuously? Jan 11, 2018 History of Money, Banking and Finance If someone day-trades crypto (like Bitcoin) within Coinbase limits, would they be considered a “virtual currency business” requiring a money transmitter license? Jan 9, 2018 US Money Transmitter Licensing and MSB Registration Have you ever bought Bitcoin, forgotten about it, and then later remembered it? Jan 9, 2018 Bitcoin and Cryptocurrency Basics Is Ripple a one-way system, or how does it work in both directions? Jan 9, 2018 Crypto Exchanges, Trading and Markets What should I do if a business credit card was opened under my name “by accident” by a bank representative? Jan 8, 2018 Consumer Protection, Customer Rights and Customer Service What are realistic ways to earn about $5 per day using a PC or a mobile phone? Jan 8, 2018 Freelancers, Side Hustles and Getting Paid Online How might cryptocurrencies change the future of publishing? Jan 8, 2018 Crypto Payments, On-Ramps and Off-Ramps How does Venmo operate from a technical perspective? Jul 5, 2017 Digital Wallets, Mobile Money and P2P Payments How does online banking bill payment work? Jul 5, 2017 Banking and Payments Technology Stack Is the Stellar network no longer active or relevant? Jul 5, 2017 Blockchain and Distributed Ledger Technology What are nostro and vostro accounts, and how are they used in banking settlements? Jun 6, 2017 Correspondent Banking, Nostro and Vostro, and Settlement How do remittance services like Xoom and Western Union transfer money internationally after debiting a bank account? Jun 5, 2017 Sending and Receiving Money Abroad What are practical ways for cryptocurrencies to achieve broader adoption? Jun 3, 2017 Crypto Payments, On-Ramps and Off-Ramps In payments, what do “upstream” and “downstream” mean? Jun 3, 2017 Merchant Accounts, Processors and Gateways As a non-resident with a Delaware LLC, can I open a U.S. bank account without traveling to the U.S.? Jun 3, 2017 Opening Bank Accounts, Personal and Business How does Western Union’s Money in Minutes service work? Jun 1, 2017 Sending and Receiving Money Abroad What certification should a bank compliance officer pursue? Jun 1, 2017 Learning and Certifications: Guides, Calculators, Quizzes and Courses Why are credit card transaction fees often around $0.25 or $0.35 per transaction? May 5, 2017 Payment Operations, Pricing and Fees If I want to earn an extra $100–200 per month online, what options are available? May 5, 2017 Freelancers, Side Hustles and Getting Paid Online How does the ACH system work, how are payments processed, and how does it differ from RTGS and other local networks? May 5, 2017 Domestic Payment Rails, National Switches and Clearing Systems Who is developing remittance services based on blockchain technology? May 5, 2017 Money Transfer Business and MTOs Which provider does Venmo use for ACH payouts, and do they have special banking relationships for faster transfers? May 5, 2017 Sponsor Banks, FBO Accounts and Banking Access for Fintechs and MSBs Online Payments: What services are similar to Payoneer? May 1, 2017 Freelancers, Side Hustles and Getting Paid Online What is the best way for an expat in a war-torn country to protect savings from a total currency collapse? May 1, 2017 Capital Controls, Currency Crises and Black-Market Rates Have you personally used Bitcoin? May 1, 2017 Crypto Payments, On-Ramps and Off-Ramps Is it a crime for banks to knowingly allow stolen funds to be deposited? May 1, 2017 Money Laundering and Financial Crime Is there a payment vendor that can handle CIP, provide a secure data vault, process payments, move funds, and manage compliance reporting for third-party marketplace platforms? May 1, 2017 E-Commerce, Marketplace and Platform Payments Which bank does Western Union use to hold agent accounts, does it require agents to use that same bank, and how does that bank profit from the relationship? May 1, 2017 Money Transfer Business and MTOs What is the easiest method to anonymously move large sums of money offshore? Apr 6, 2017 Money Laundering and Financial Crime What are the main cost components involved in building a new payment gateway? Apr 6, 2017 Starting and Running a Fintech or Payments Business How does PayPal move money into bank accounts, and what is the underlying process? Apr 5, 2017 Digital Wallets, Mobile Money and P2P Payments How can ACH be used to move money between a customer’s own checking and savings or investment accounts? Apr 5, 2017 Domestic Payment Rails, National Switches and Clearing Systems What are the steps involved in transferring funds between banks? Apr 5, 2017 Domestic Payment Rails, National Switches and Clearing Systems How can I track the status of my SWIFT transfer? Apr 5, 2017 International Wire Transfers and Large Transfers How can transaction metadata be added to payments? Apr 5, 2017 Payments (General) Does the U.S. government track individual bank account balances? Apr 3, 2017 Regulators, Enforcement and Regulatory Change What are the main use cases of the Coinbase exchange? Apr 1, 2017 Crypto Exchanges, Trading and Markets Why are banks like Westpac exiting FX and money-services businesses, and how likely is it that others will follow? Apr 1, 2017 Sponsor Banks, FBO Accounts and Banking Access for Fintechs and MSBs How can mobile banking adoption be increased? Apr 1, 2017 Digital Banks, Neobanks and Mobile Banking What would be required for the many U.S. merchants using flat-screen POS terminals with built-in mag-stripe readers to meet new EMV acceptance requirements? Apr 1, 2017 Merchant Accounts, Processors and Gateways How should a country respond to sudden market instability to restore growth and investor confidence, and what if the country depends heavily on Bitcoin and the code is compromised allowing 15 million extra coins to be mined? Apr 1, 2017 Economics, Inflation and Monetary Policy Which Pakistani debit cards are accepted on AliExpress? Mar 6, 2017 E-Commerce, Marketplace and Platform Payments