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 is the largest wire transfer ever recorded? Jan 10, 2014 International Wire Transfers and Large Transfers What is the highest amount of money a person can deposit into a bank account? Jan 10, 2014 How Banks Work Why does sending money from a U.S. bank to a European bank take so long? Jan 10, 2014 International Wire Transfers and Large Transfers If someone has over $100,000 in undeclared cash stored in a safe deposit box in China, how could they move it out of the country without problems? Jan 10, 2014 Hawala, Informal Value Transfer and Shadow Finance What are the best ways to transfer money from an INR account to a USD account when the account holder now lives in the U.S.? Jan 10, 2014 Sending and Receiving Money Abroad How could organizations like Facebook benefit from partnering with Ripple? Jan 9, 2014 Blockchain and Distributed Ledger Technology Is there a tipping point for Bitcoin adoption, and what might trigger it? Jan 9, 2014 Crypto Payments, On-Ramps and Off-Ramps How can I establish a merchant account with Bank of America for online payment processing? Jan 8, 2014 Merchant Accounts, Processors and Gateways What is the importance of the PayPal–Discover agreement? Jan 8, 2014 Card Networks and Card Issuing Is there an online payment model that allows multiple purchasers to contribute toward a single item for someone? Jan 8, 2014 Digital Wallets, Mobile Money and P2P Payments How can I structure a Letter of Credit (or similar instrument) so my bank only pays the exporter after the goods are inspected? Jan 8, 2014 Trade Finance, Letters of Credit and B2B Payments What is the likely future of Bitcoin? Will it become mainstream or lose momentum, and why? Jan 8, 2014 Bitcoin and Cryptocurrency Basics What is a reliable online bank in the U.S. that also works well internationally, aside from HSBC? Jan 8, 2014 Personal and Consumer Finance, Budgeting and Saving What should a foreign student prepare before opening a U.S. bank account? Jan 8, 2014 Opening Bank Accounts, Personal and Business Which faster payment infrastructure did U.K. banks adopt to enable instant transactions? Jan 7, 2014 Domestic Payment Rails, National Switches and Clearing Systems Will Pakistan always remain in its current state, or can things significantly improve? Jan 7, 2014 Payments (General) What factors influence how long a Bitcoin transaction takes to be confirmed? Jan 7, 2014 Blockchain and Distributed Ledger Technology Money Transfers: How does the MoneyGram network operate? Jan 7, 2014 Money Transfer Business and MTOs How can I create a points-based purchasing system for my e-commerce platform? Jan 6, 2014 E-Commerce, Marketplace and Platform Payments How can I cash a Wells Fargo check from the U.S. while I’m in Russia? Jan 5, 2014 Sending and Receiving Money Abroad How should I invest or allocate $15,000 that I will not need for several years? Jan 4, 2014 Capital Markets: Stocks, Bonds and Derivatives What types of front businesses are commonly used for money laundering? Jan 4, 2014 Money Laundering and Financial Crime Can I request my bank to reverse an ACH debit from a merchant who failed to provide the service? Jan 4, 2014 Domestic Payment Rails, National Switches and Clearing Systems Why don’t most countries offer real-time bank transfer processing? Jan 4, 2014 Domestic Payment Rails, National Switches and Clearing Systems What occurs if a homeowner has the funds to repay a mortgage but refuses to pay the bank, insisting on paying only the entity from which the bank borrowed the money? I’ve heard of a legal tactic some homeowners use to avoid repayment—how does this work? Jan 4, 2014 Lending, Credit Scores and BNPL I operate a legitimate social private lottery and want to shift it online. How can I accept payments from other countries? Jan 4, 2014 High-Risk Industries Which companies rank as the biggest payment gateways worldwide? Jan 4, 2014 Merchant Accounts, Processors and Gateways Why aren’t real-time bank-transfer payments available within most countries? Jan 4, 2014 Domestic Payment Rails, National Switches and Clearing Systems If a homeowner can pay their mortgage but refuses to pay the bank—and insists on paying only the bank’s funding source—what happens legally and in practice? Jan 4, 2014 Lending, Credit Scores and BNPL I run a legal, socially-driven private lottery and want to move it online—how can I accept international payments? Jan 4, 2014 High-Risk Industries Which payment gateways are the largest globally? Jan 4, 2014 Merchant Accounts, Processors and Gateways Do European banks provide real-time, instant money transfers? Jan 3, 2014 Sending and Receiving Money Abroad How will RBI’s new debit and credit card regulations impact users? Jan 3, 2014 Credit, Debit and Prepaid Cards If banks can verify routing instantly, why is a 7-day hold required for checks over $5k? Jan 2, 2014 Domestic Payment Rails, National Switches and Clearing Systems Can non-U.S. citizens open a bank account before obtaining an SSN? Jan 2, 2014 Opening Bank Accounts, Personal and Business Is the traditional Swiss banking model falling apart? Jan 2, 2014 Wealth Management, Private Banking and Family Offices How can Dwolla persuade banks when banks earn more revenue from debit card transactions? Jan 2, 2014 Domestic Payment Rails, National Switches and Clearing Systems What happens if you deposit or cash a check that includes a fraction of a cent? Jan 2, 2014 How Banks Work For how long must U.S. banks retain a customer’s account records in case they are needed for legal matters? Jan 2, 2014 How Banks Work What is the most logical or reasonable fee model for payment processing? Jan 2, 2014 Payment Operations, Pricing and Fees How do I cash a cheque that is older than six months? Jan 2, 2014 Payments (General) What kind of security or protection does a crossed cheque (check) provide? Jan 2, 2014 Payments (General) Is traditional Swiss banking in decline? Jan 2, 2014 Wealth Management, Private Banking and Family Offices How could Dwolla persuade banks when debit card transactions are more profitable for them? Jan 2, 2014 Domestic Payment Rails, National Switches and Clearing Systems What happens if a check includes a fractional cent amount? Jan 2, 2014 Payments (General) How long are US banks required to retain customer account history for legal purposes? Jan 2, 2014 AML Programs, KYC and Compliance Operations What is the most reasonable and fair fee structure for payment processing? Jan 2, 2014 Payment Operations, Pricing and Fees How can a cheque older than six months be redeemed? Jan 2, 2014 Payments (General) What protection does a crossed cheque provide? Jan 2, 2014 Payments (General) How do currency note-counting machines function? Jan 1, 2014 Payments (General)