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
Which international payment solutions are available for cross-border use? Sep 11, 2015 Merchant Accounts, Processors and Gateways What is inward remittance, when is it used, and are certificates issued for past inward remittances? Sep 11, 2015 Sending and Receiving Money Abroad What are the most urgent challenges banks are facing today? Sep 11, 2015 Business Strategy, Case Studies and Lessons Learned How can checks be deposited at ATMs regardless of bank branch? Sep 11, 2015 How Banks Work Can I open a bank account with U.S. banks while visiting on a B1/B2 visa? Sep 11, 2015 Opening Bank Accounts, Personal and Business Is there an AML software product called PRIME? Sep 10, 2015 AML Programs, KYC and Compliance Operations Who can assist with launching a prepaid card program? Sep 10, 2015 Credit, Debit and Prepaid Cards Do ATM withdrawals appear on bank account statements? Sep 10, 2015 How Banks Work How can someone start an ecommerce business in the UAE, and is company registration required? Sep 10, 2015 Law, Contracts, Terms of Service and Legal Structures What is generally the cheapest way to transfer money internationally? Sep 10, 2015 Sending and Receiving Money Abroad Can banks legally charge late fees in addition to interest on overdue payments? Sep 10, 2015 Lending, Credit Scores and BNPL Are bank consultants allowed to advise clients by analyzing transaction patterns in their accounts? Sep 10, 2015 General Finance Questions What alternatives exist to 2Checkout for Pakistani ecommerce businesses facing high cross-border fees? Sep 10, 2015 Merchant Accounts, Processors and Gateways Which types of financial transactions feel most personally rewarding or satisfying? Sep 10, 2015 Payments (General) Why are global banks hesitant to accept U.S. citizens or residents as clients, even when they fully comply with IRS reporting? Sep 10, 2015 Opening Bank Accounts, Personal and Business What are the key similarities and differences between commercial banks and microfinance institutions? Sep 9, 2015 Emerging Markets and Financial Inclusion Does PayPal operate a single large bank account to manage all user deposits and withdrawals? Sep 9, 2015 Sponsor Banks, FBO Accounts and Banking Access for Fintechs and MSBs How did PayPal handle regulatory and financial scrutiny in its early years? Sep 9, 2015 Sponsor Banks, FBO Accounts and Banking Access for Fintechs and MSBs Is it possible to link a Meezan Bank account with PayPal? Sep 9, 2015 Payments (General) How long do wire transfers sent from Dubai typically take to reach banks in Spain? Sep 9, 2015 International Wire Transfers and Large Transfers If I want to aggregate payments for many vendors, how could I profit by running my own payment gateway without third parties? Sep 9, 2015 Merchant Accounts, Processors and Gateways Do issuing banks ever outsource credit card sales in exchange for a share of recurring revenues? Sep 9, 2015 Card Networks and Card Issuing How does Western Union track money flows and ensure funds reach the right destination? Sep 9, 2015 Money Transfer Business and MTOs How does China UnionPay operate as a payment network? Sep 9, 2015 Card Networks and Card Issuing Is it possible to send or receive money using smartwatches? Sep 9, 2015 Digital Wallets, Mobile Money and P2P Payments What would happen if Western Union started operating as a Bitcoin exchange? Sep 9, 2015 Business Strategy, Case Studies and Lessons Learned What must an African company do to start a money-transfer business from the U.S. to their African country? Sep 8, 2015 Money Transfer Business and MTOs How can I obtain a letter of credit? Sep 8, 2015 Trade Finance, Letters of Credit and B2B Payments Should coins be phased out as legal tender? Sep 7, 2015 Payments (General) Why are there still no major, large-scale Bitcoin exchanges based in the United States? Sep 6, 2015 US Money Transmitter Licensing and MSB Registration How can I obtain a banking license in Pakistan? Sep 6, 2015 Licensing in Other Countries When did Visa become a publicly traded company? Sep 5, 2015 Capital Markets: Stocks, Bonds and Derivatives What are the names of national currencies used in different countries? Sep 5, 2015 General Finance Questions What business or startup ideas have clear, immediate potential in the Pakistani market, even if they are not tech-focused? Sep 4, 2015 Business Strategy, Case Studies and Lessons Learned How many people in Pakistan are using Bitcoin? Sep 4, 2015 Bitcoin and Cryptocurrency Basics How can you verify whether a Western Union tracking number is valid, and what does one look like? Sep 3, 2015 Fraud and Scams Is it especially beneficial for low-income individuals to have bank accounts, and if so, why? Sep 2, 2015 Emerging Markets and Financial Inclusion Why does Bitcoin’s price volatility seem to be decreasing (as observed around January 2014)? Sep 1, 2015 Crypto Exchanges, Trading and Markets Are self-service kiosks for payments and bill payments a viable future solution for developing countries and startups? Aug 12, 2015 Starting and Running a Fintech or Payments Business Why might a bank close a customer’s account without providing a clear explanation? Aug 12, 2015 Consumer Protection, Customer Rights and Customer Service What are the benefits of KYC requirements for banks, and how do they help prevent money laundering? Aug 12, 2015 AML Programs, KYC and Compliance Operations What does a typical ACH payment acceptance flow look like end to end? Aug 12, 2015 Domestic Payment Rails, National Switches and Clearing Systems Can Bitcoin indirectly strengthen the U.S. dollar’s global status? Aug 12, 2015 Geopolitics of Money and the International Monetary System Is knowing someone’s bank account number alone enough to withdraw money from a US bank account? Aug 11, 2015 Domestic Payment Rails, National Switches and Clearing Systems Is there a truly universal ATM card that works for cash withdrawals at all banks worldwide? Aug 11, 2015 Credit, Debit and Prepaid Cards Do central banking conspiracy theories have any factual basis, and why or why not? Aug 11, 2015 Central Banks and Bank Supervision Can a merchant effectively operate as a payment service provider on top of PayPal? Aug 10, 2015 Merchant Accounts, Processors and Gateways What challenges do companies face when paying employees, partners, or affiliates in cash? Aug 10, 2015 AML Programs, KYC and Compliance Operations How can someone obtain and distribute Visa or Mastercard prepaid debit cards in an African country? Aug 10, 2015 Card Networks and Card Issuing Are there API options for recurring payments for Israeli companies besides PayPal? Aug 10, 2015 Developer Tools, APIs, Sandboxes and Open Source