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 are the most effective practical ways to shift from using credit cards to using cash? Aug 4, 2014 Credit, Debit and Prepaid Cards Is it possible to add a plugin to U.S. e-commerce platforms like Magento so customers can pay with alternatives to PayPal and cards? Aug 4, 2014 E-Commerce, Marketplace and Platform Payments What does it mean when your bank asks for details about your business and sources of funds? Aug 4, 2014 AML Programs, KYC and Compliance Operations Which reliable financial institutions provide offshore or anonymous debit cards? Aug 1, 2014 Credit, Debit and Prepaid Cards What are some examples of early-stage Bitcoin startups? Aug 1, 2014 Crypto Exchanges, Trading and Markets What are the steps required to launch a Bitcoin exchange in the United States? Aug 1, 2014 Crypto and VASP Licensing Does a money-transfer company have to register in the sending country, the receiving country, or both? Aug 1, 2014 Money Transfer Business and MTOs Will Bitcoin ATMs be successful in the future? Aug 1, 2014 Crypto Payments, On-Ramps and Off-Ramps How can an Indian citizen open a bank account in the U.S., UK, or another country? Jul 12, 2014 Opening Bank Accounts, Personal and Business What does the future look like for Facebook as an e-commerce platform? Jul 12, 2014 E-Commerce, Marketplace and Platform Payments What regulatory requirements must be met to run a business like PayPal? Jul 12, 2014 US Money Transmitter Licensing and MSB Registration Which U.S. banks are most popular with startup businesses, and why do founders choose them? Jul 12, 2014 Opening Bank Accounts, Personal and Business What denominations of banknotes and coins does the Chinese yuan come in? Jul 12, 2014 General Finance Questions How can I grow my money starting with only $0.30 in my PayPal account? Jul 12, 2014 Personal and Consumer Finance, Budgeting and Saving In the U.S., how can a non-citizen and non-resident open a bank account online? Jul 11, 2014 Opening Bank Accounts, Personal and Business Is there a way to find out when and where money sent from a U.S. bank was credited to my bank account? Jul 11, 2014 International Wire Transfers and Large Transfers Does transferring money between accounts at different banks normally involve paying a fee? Jul 11, 2014 Domestic Payment Rails, National Switches and Clearing Systems Is it reasonable to call Bitcoin a currency when its value is so volatile, and how can anyone rely on its price? Jul 11, 2014 Bitcoin and Cryptocurrency Basics What factors caused Bitcoin to reach around $900 per BTC on November 18, 2013? Jul 11, 2014 Crypto Exchanges, Trading and Markets Can government financial regulators like the SEC monitor and regulate wire transfers between bank accounts? Jul 11, 2014 AML Programs, KYC and Compliance Operations Why is there a fixed maximum limit on the number of bitcoins that can ever be created? Jul 11, 2014 Bitcoin and Cryptocurrency Basics Banking: Is transferring funds through an ATM vulnerable to hacking or security weaknesses? Jul 11, 2014 Cybersecurity, Digital Identity and Authentication ECB: Does paying via IBAN automatically mean the transfer is free of fees? Jul 10, 2014 Sending and Receiving Money Abroad PayPal vs. Google Wallet—who is likely to win? Jul 10, 2014 Digital Wallets, Mobile Money and P2P Payments Dwolla: Does an online money transmitter need a separate money-transmitter license for each U.S. state in which it offers services? Jul 10, 2014 US Money Transmitter Licensing and MSB Registration Why are U.S. banks slow to adopt features long used abroad, such as chip-and-PIN cards, pay-at-table systems, and easy free transfers between customers? Jul 9, 2014 Domestic Payment Rails, National Switches and Clearing Systems Pakistan has millions of mobile, internet, and Facebook users—what business ideas could monetize this market, and how should products be delivered and paid for? Jul 8, 2014 Starting and Running a Fintech or Payments Business Payments: Do most non-U.S. consumers have debit cards? Jul 8, 2014 Credit, Debit and Prepaid Cards Who is developing the next generation of banking applications? Jul 8, 2014 Banking and Payments Technology Stack Why do certificate-of-deposit (CD) interest rates vary so widely between banks? Jul 7, 2014 Personal and Consumer Finance, Budgeting and Saving What broader consequences stem from HSBC’s involvement in laundering money for Iran, drug networks, and other illicit groups? Jul 7, 2014 Money Laundering and Financial Crime Why are U.S. banks so slow to roll out hardware security tokens (one-time code devices) for login authentication? Jul 5, 2014 Cybersecurity, Digital Identity and Authentication Why hasn’t Africa adopted Bitcoin at scale for remittances and money transfers? Jul 5, 2014 Emerging Markets and Financial Inclusion What should someone know in order to build an e-commerce payment system in a developing country? Jul 5, 2014 Starting and Running a Fintech or Payments Business Online Payments: With digital wallets becoming more common, is there a future for an app that converts spare coins into bank deposits or merchant gift cards? Jul 5, 2014 Digital Wallets, Mobile Money and P2P Payments In which countries does PayPal offer its full feature set rather than acting only as a simple payment gateway? Jul 5, 2014 Payments (General) Why are money transmitters in the U.S. often treated harshly or cautiously by financial institutions? Jul 4, 2014 Sponsor Banks, FBO Accounts and Banking Access for Fintechs and MSBs What would happen if everyone held personal accounts directly with the central bank? Jul 4, 2014 Central Banks and Bank Supervision Since most money is digital, how do regulators verify that banks aren’t creating money improperly? Is there a central ledger of accounts? Jul 4, 2014 Central Banks and Bank Supervision In what ways could companies like Experian and Equifax be disrupted? Jul 3, 2014 Lending, Credit Scores and BNPL For a non-U.S. resident with a U.S. LLC, is it better to open a business bank account in the U.S. or Europe? Jul 2, 2014 Opening Bank Accounts, Personal and Business Outside the U.S., what specific obstacles does Bitcoin face for hobbyists and small entrepreneurs wanting to enter the space? Jul 2, 2014 Crypto Payments, On-Ramps and Off-Ramps What does it mean to endorse money on a passport? Jul 1, 2014 Capital Controls, Currency Crises and Black-Market Rates Which U.S. banks, if any, accept or use digital currencies like Bitcoin? Jun 12, 2014 Crypto Payments, On-Ramps and Off-Ramps Besides PayPal, are there mass-payment platforms that support automated payouts? Jun 12, 2014 E-Commerce, Marketplace and Platform Payments What are the main challenges involved in transferring money across borders? Jun 12, 2014 Money Transfer Business and MTOs Is there a payment gateway that works directly on platforms like Twitter and Facebook? Jun 11, 2014 Developer Tools, APIs, Sandboxes and Open Source Is Payoneer’s U.S. payment service a good option? Jun 11, 2014 Freelancers, Side Hustles and Getting Paid Online Are there Bitcoin startups specifically targeting cross-border remittance markets? Jun 11, 2014 Crypto Payments, On-Ramps and Off-Ramps Will Bitcoin increase in value again? Jun 11, 2014 Crypto Exchanges, Trading and Markets