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
Are U.S. financial institutions restricted to issuing only stored-value cards? Jan 1, 2014 US Money Transmitter Licensing and MSB Registration What is the easiest method for making international money transfers? Dec 12, 2013 International Wire Transfers and Large Transfers Do card networks like Mastercard, Visa, and AmEx provide anonymized transaction data via public APIs? Dec 12, 2013 Card Networks and Card Issuing What’s an effective way to build relationships with industry analysts and the investment banking community? Dec 12, 2013 Careers, Jobs and Working in Finance Can I open a U.S. bank account if I am about to relocate there for work? Dec 12, 2013 Opening Bank Accounts, Personal and Business What real, practical advantages does Bitcoin offer over traditional payment methods? Dec 12, 2013 Crypto Payments, On-Ramps and Off-Ramps How can I move money instantly from one U.S. bank to another U.S. bank? Dec 12, 2013 Domestic Payment Rails, National Switches and Clearing Systems What might happen to Bitcoin if its creator’s identity were definitively revealed? Dec 10, 2013 Regulators, Enforcement and Regulatory Change How can I receive payments from PayPal users if PayPal doesn’t allow incoming transfers in my country? Dec 7, 2013 Sending and Receiving Money Abroad Is it possible to initiate an ACH pull from a PayPal balance the same way you can pull funds from a bank account? Dec 6, 2013 Domestic Payment Rails, National Switches and Clearing Systems Is it feasible to arbitrage Bitcoin prices between different exchanges given the large spreads? Dec 6, 2013 Crypto Exchanges, Trading and Markets Back when Bitcoin was cheap and easy to mine, where could I have learned about it—and where can I learn about the next big thing before it goes mainstream? Dec 5, 2013 Learning and Certifications: Guides, Calculators, Quizzes and Courses Why did the Chinese restrictions on Bitcoin cause such a sharp price crash? Dec 5, 2013 Crypto Exchanges, Trading and Markets Are Bitcoins truly as unstable as the media portrays them? Dec 5, 2013 Bitcoin and Cryptocurrency Basics What determines how long it takes for a Bitcoin transaction to receive confirmations? Dec 5, 2013 Blockchain and Distributed Ledger Technology Is it too early to predict whether PayPal or Western Union will adopt Bitcoin, and could market liquidity and speculation close the BTC–fiat loop for them? Dec 5, 2013 Crypto Payments, On-Ramps and Off-Ramps Are banks that offer online banking services required to use two-factor authentication? Dec 2, 2013 Cybersecurity, Digital Identity and Authentication Why did the U.S. Federal Reserve speak positively about Bitcoin and digital currencies when they might threaten traditional banking? Dec 2, 2013 Regulators, Enforcement and Regulatory Change Besides Bitcoin, which digital currency should someone consider buying, and what’s the reasoning? Dec 2, 2013 Bitcoin and Cryptocurrency Basics Would a payments company benefit from maintaining checking accounts at multiple banks? Dec 2, 2013 Sponsor Banks, FBO Accounts and Banking Access for Fintechs and MSBs Which traditional banking services can digital currencies like Bitcoin potentially replace? Dec 2, 2013 Sending and Receiving Money Abroad Who actually profits from the Bitcoin ecosystem? Dec 1, 2013 Crypto Exchanges, Trading and Markets Why does banking have far stricter regulation compared to other industries? Nov 12, 2013 Central Banks and Bank Supervision Online Payments: If a company is exempt from MSB status, could it still need money-transmitter licenses in certain states? Nov 10, 2013 US Money Transmitter Licensing and MSB Registration Can a sender choose their own correspondent bank when initiating a SWIFT transfer? Nov 6, 2013 Correspondent Banking, Nostro and Vostro, and Settlement Considering the shifts in the online payments sector, what technology investments should a nonprofit evaluate to benefit from them? Nov 3, 2013 Merchant Accounts, Processors and Gateways What technology investments should nonprofits consider given changes in online payments? Nov 3, 2013 Merchant Accounts, Processors and Gateways Did Square ever acquire the Square.com domain? Nov 1, 2013 Starting and Running a Fintech or Payments Business Which PayPal alternatives are available for personal payments in the U.S.? Nov 1, 2013 Digital Wallets, Mobile Money and P2P Payments What’s the best payment system for international transactions? Nov 1, 2013 Merchant Accounts, Processors and Gateways What PayPal alternatives exist for personal peer-to-peer payments in the US? Nov 1, 2013 Digital Wallets, Mobile Money and P2P Payments What is the most suitable payment system for handling international transactions? Nov 1, 2013 Merchant Accounts, Processors and Gateways What value does the International Payments Framework Association aim to add when SWIFT already handles cross-border payments effectively? Oct 12, 2013 Payments (General) Which countries still rely heavily on cash-on-delivery for e-commerce? Oct 12, 2013 E-Commerce, Marketplace and Platform Payments Have banks ever been looted or seized during wars or periods of unrest? Oct 11, 2013 History of Money, Banking and Finance As an Australian living in Australia, how can I open a U.S. bank account without traveling there, or open any other international account? Oct 11, 2013 Opening Bank Accounts, Personal and Business Fraud: How do fake check scams typically operate? Oct 8, 2013 Fraud and Scams Why do shopkeepers in some countries accept only flawless, untorn U.S. banknotes? Oct 7, 2013 Payments (General) What risks or downsides exist when marketplaces like Etsy process payments on behalf of users? Oct 6, 2013 E-Commerce, Marketplace and Platform Payments What is the historical origin of the dollar symbol ($)? Oct 6, 2013 History of Money, Banking and Finance What risks or downsides come with marketplace platforms (like Etsy) processing payments on behalf of sellers? Oct 6, 2013 E-Commerce, Marketplace and Platform Payments What is the origin of the dollar sign ($)? Oct 6, 2013 History of Money, Banking and Finance Why pick Authorize.net, Braintree, or Intuit instead of PayPal? Oct 1, 2013 Merchant Accounts, Processors and Gateways What precautions should you take when building your first billing and payment system? Oct 1, 2013 Banking and Payments Technology Stack Why might a business choose Authorize.net, Braintree, or Intuit instead of PayPal? Oct 1, 2013 Merchant Accounts, Processors and Gateways What precautions should be taken when building a billing and payment system for the first time? Oct 1, 2013 Banking and Payments Technology Stack What aspects of Gmail do users find most frustrating? Sep 11, 2013 Payments (General) Are platforms such as Airbnb and Eventbrite considered Payment Service Providers (PSPs)? Sep 11, 2013 Merchant Accounts, Processors and Gateways What does it cost to implement a CAPTCHA solution on an e-commerce site? Sep 11, 2013 Cybersecurity, Digital Identity and Authentication What is the most effective way to transfer over $10,000 from the U.S. to Singapore while getting a better exchange rate? Sep 11, 2013 International Wire Transfers and Large Transfers