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
What ever happened to Thomas Cremer’s multi-billion-dollar plan to build the world’s tallest tower in Karachi? Apr 10, 2015 General Finance Questions How do so many Pakistanis have PayPal accounts if PayPal doesn’t operate in Pakistan? Apr 10, 2015 Freelancers, Side Hustles and Getting Paid Online How and where can I network with companies that rent or lease money-transmitter licenses? Apr 10, 2015 Licensing Strategy, Sponsorship and Agent Models How hard is it to correct a mistaken transaction at a Pakistani bank? Apr 10, 2015 Consumer Protection, Customer Rights and Customer Service What could be the implications if Microsoft applied for MSB (Money Services Business) status? Apr 9, 2015 US Money Transmitter Licensing and MSB Registration Why haven’t Asia-based online remittance startups like TransferWise become prominent? Apr 9, 2015 Money Transfer Business and MTOs Which payment processors can a SaaS startup in Thailand use? Apr 9, 2015 Merchant Accounts, Processors and Gateways Why do acquiring banks for card processing avoid serving money-transfer and remittance businesses, and which acquirers do work with companies like Remitly and WorldRemit? Apr 8, 2015 Sponsor Banks, FBO Accounts and Banking Access for Fintechs and MSBs How long should someone wait between transferring two $10,000 amounts to the U.S. to avoid reporting issues? Apr 8, 2015 International Wire Transfers and Large Transfers What are effective ways to accept credit-card payments when customers manually enter their card numbers? Apr 8, 2015 Merchant Accounts, Processors and Gateways Is there a difference between a mobile wallet and a digital wallet? Apr 8, 2015 Digital Wallets, Mobile Money and P2P Payments Who invented the ATM, and in what way? Apr 8, 2015 History of Money, Banking and Finance If we charge customers’ credit cards worldwide and then wire funds to other users (minus a service fee) like Airbnb, do we need money-transfer licenses (MSB/MST) in the U.S. or Europe? Apr 7, 2015 US Money Transmitter Licensing and MSB Registration How can I build a basic online banking system from scratch? Apr 7, 2015 Banking and Payments Technology Stack Which regions of the world are underserved yet rapidly expanding their online presence? Apr 7, 2015 Emerging Markets and Financial Inclusion What systems do banks typically use to maintain and reconcile customer accounts? Apr 7, 2015 Banking and Payments Technology Stack How did banks send funds to other banks before the telegraph was introduced around 1832? Apr 7, 2015 History of Money, Banking and Finance If you could redesign SWIFT today, what would you change and how would you build it? Apr 7, 2015 Correspondent Banking, Nostro and Vostro, and Settlement How costly is it to transfer money from Europe to the United States? Apr 7, 2015 Sending and Receiving Money Abroad Are there any “startup banks” today? Apr 7, 2015 Digital Banks, Neobanks and Mobile Banking How do you develop an app that connects directly to users’ checking and savings accounts? Apr 6, 2015 Open Banking and Account Aggregation How can I legally build a multi-currency NS/RTGS system based on banks’ current accounts? Apr 6, 2015 Correspondent Banking, Nostro and Vostro, and Settlement What is PayPal’s main purpose or core function? Apr 6, 2015 Digital Wallets, Mobile Money and P2P Payments Does PayPal allow payments for travel-related products? Apr 6, 2015 Digital Wallets, Mobile Money and P2P Payments Is it safe to send credit card details by email? Apr 5, 2015 Cybersecurity, Digital Identity and Authentication I have been scammed out of money online—how can I make the other party repay me? Apr 5, 2015 Fraud and Scams Are there technology startups operating in Pakistan? Apr 5, 2015 General Finance Questions Which countries are largely card-only where you can pay almost everywhere with a credit card? Apr 5, 2015 Payments (General) What are the biggest fintech challenges in New York City, and what would help companies address them? Apr 5, 2015 Starting and Running a Fintech or Payments Business How do banks move money between themselves? Apr 5, 2015 Correspondent Banking, Nostro and Vostro, and Settlement Are all U.S. dollar transactions routed through the United States? Apr 4, 2015 Correspondent Banking, Nostro and Vostro, and Settlement What are some promising startup ideas that can be launched in developing countries today? Apr 3, 2015 Starting and Running a Fintech or Payments Business Has Nick Szabo responded to the LikeInAMirror blog post claiming he might be Satoshi Nakamoto? Apr 2, 2015 Bitcoin and Cryptocurrency Basics What major factual mistakes has Noam Chomsky allegedly made? Apr 2, 2015 Payments (General) Where can I learn the fundamentals of Bitcoin? Apr 2, 2015 Bitcoin and Cryptocurrency Basics What is the most effective way for an India-registered company to accept card payments from the U.S.? Apr 1, 2015 Merchant Accounts, Processors and Gateways How does the hawala system for moving money actually work? Apr 1, 2015 Hawala, Informal Value Transfer and Shadow Finance Do any banks conduct direct sales by phone, and if so, how do they verify an existing customer’s identity? Apr 1, 2015 Cybersecurity, Digital Identity and Authentication What do you read each week to stay informed about virtual currencies? Mar 12, 2015 Crypto Exchanges, Trading and Markets What is the difference between a digital wallet and a shopping cart in how payments are initiated and processed? Mar 12, 2015 Digital Wallets, Mobile Money and P2P Payments In your view, is internet banking the best way to manage banking needs? Mar 12, 2015 Digital Banks, Neobanks and Mobile Banking If a wire transfer sent to my account is recalled by the sender, can the funds be pulled back without my consent? Mar 12, 2015 Domestic Payment Rails, National Switches and Clearing Systems What are the differences between ACH, SEPA, and RTGS payment systems? Mar 11, 2015 Domestic Payment Rails, National Switches and Clearing Systems In the U.S., how can a non-resident non-citizen open a bank account online? Mar 11, 2015 Opening Bank Accounts, Personal and Business How does Xoom authorize payments from a sender’s bank account? Mar 11, 2015 Sending and Receiving Money Abroad What happens if a government or billionaire buys and holds 90% of litecoins, artificially reducing supply? Mar 10, 2015 Crypto Exchanges, Trading and Markets Who are the leading global thought leaders in payments? Mar 10, 2015 Payments (General) What are the pros and cons of an EU member state building a national debit-card payment scheme? Mar 10, 2015 Card Networks and Card Issuing How do large banks and financial institutions benefit from participating in microfinance? Mar 9, 2015 Emerging Markets and Financial Inclusion What additional infrastructure is needed to boost real-world acceptance of cryptocurrencies? Mar 9, 2015 Banking and Payments Technology Stack