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’s the worst-case consequence of signing credit card receipts with a drawing (like a rocketship) instead of a signature? May 4, 2013 Credit, Debit and Prepaid Cards Why are French banks often closed on Mondays, and has that negatively affected entrepreneurship or business responsiveness in France? May 4, 2013 How Banks Work How do banks know when to seal a safe deposit box after someone dies? May 4, 2013 How Banks Work Can anyone recommend a lawyer to help a Sri Lankan bank register as a money transmitter in New York (and later other US states)? May 4, 2013 US Money Transmitter Licensing and MSB Registration Can a US bank that operates in only one state offer money transfer services to residents of other states? May 4, 2013 US Money Transmitter Licensing and MSB Registration What alternative currencies, similar to Bitcoin, have been most successful? May 3, 2013 Bitcoin and Cryptocurrency Basics What alternative payment methods are most used in international B2B transactions? May 2, 2013 Trade Finance, Letters of Credit and B2B Payments Why don’t banks rely on fingerprints for customer identification instead of signatures or ID cards? May 2, 2013 Cybersecurity, Digital Identity and Authentication Is there a WordPress plugin to stream Quora activity to a blog? May 2, 2013 Payments (General) Does Xoom assume fraud risk for credit-card-based transfers, or do credit-card companies bear that risk—and is this why card transfers cost more? May 1, 2013 Sending and Receiving Money Abroad How precisely can a person’s location be determined from blog comments? Apr 12, 2013 Cybersecurity, Digital Identity and Authentication Is an internet-exclusive currency practical or useful? Apr 12, 2013 Stablecoins and CBDCs Do banking transaction references include profanity filters? Apr 12, 2013 Banking and Payments Technology Stack Why are wages distributed in periodic cycles like biweekly rather than continuously in real time? Apr 12, 2013 Payments (General) Why did HSBC avoid indictment for laundering money linked to drug and terrorist organizations? Apr 12, 2013 Money Laundering and Financial Crime Which POS system is best suited for a small single-register liquor store? Apr 12, 2013 Merchant Accounts, Processors and Gateways Must payment processors confirm an organization’s 501(c)(3) nonprofit status? Apr 11, 2013 Merchant Accounts, Processors and Gateways How can a non-financial startup achieve PCI compliance? Apr 11, 2013 Cybersecurity, Digital Identity and Authentication If I run a Canadian business selling digital products on a U.S. platform, am I responsible for collecting sales tax from Canadian customers? Apr 11, 2013 Tax and Financial Reporting Is it possible to send remittances using prepaid debit cards? Apr 11, 2013 Sending and Receiving Money Abroad When transferring money between banks, what is technically being exchanged behind the scenes? Apr 10, 2013 Correspondent Banking, Nostro and Vostro, and Settlement What are some highly recommended paid digital subscription products? Apr 10, 2013 E-Commerce, Marketplace and Platform Payments How does international remittance operate step-by-step, such as sending money from the U.S. to Europe? Apr 10, 2013 Payment Corridors and Remittance Economics What is the most accurate method for measuring a solar panel’s efficiency? Apr 9, 2013 General Finance Questions Where can you access data on aggregated credit card transactions? Apr 9, 2013 Card Networks and Card Issuing Where can you find the best rates for converting foreign currencies to USD? Apr 9, 2013 FX Rates, Spreads and Currency Markets What’s the process to cash a check issued in a foreign currency? Apr 9, 2013 Sending and Receiving Money Abroad How does the Federal Reserve decide bank reserve requirements in practice? Apr 9, 2013 Central Banks and Bank Supervision Who are the primary shareholders of ICICI Bank? Apr 9, 2013 Capital Markets: Stocks, Bonds and Derivatives Is a VAT number required on e-commerce invoices globally? Apr 9, 2013 Tax and Financial Reporting How profitable are international wire transfers for banks? Apr 9, 2013 International Wire Transfers and Large Transfers What defines a transnational company? Apr 9, 2013 General Finance Questions Where can aggregated statistics on global credit card payments be accessed? Apr 9, 2013 Payments (General) Where can the best exchange rates for converting foreign currency to USD be found? Apr 9, 2013 FX Rates, Spreads and Currency Markets How can a check issued in a foreign currency be cashed? Apr 9, 2013 Sending and Receiving Money Abroad How does the US Federal Reserve determine reserve requirements in practice? Apr 9, 2013 Central Banks and Bank Supervision Who are the major shareholders of ICICI Bank? Apr 9, 2013 Capital Markets: Stocks, Bonds and Derivatives Is a VAT number required on e-commerce invoices in every country? Apr 9, 2013 Tax and Financial Reporting How much profit do banks typically earn from international wire transfers? Apr 9, 2013 International Wire Transfers and Large Transfers Why is there resistance to online payments among Indian consumers? Apr 7, 2013 Emerging Markets and Financial Inclusion Why does PayPal struggle with Indian regulations while 2Checkout does not? Apr 7, 2013 Licensing in Other Countries Which payment gateways are best for selling digital content in Europe and South America? Apr 7, 2013 Merchant Accounts, Processors and Gateways What are realistic ways to make money online today? Apr 7, 2013 Freelancers, Side Hustles and Getting Paid Online Which payment gateways support merchants based in Southeast Asia? Apr 7, 2013 Merchant Accounts, Processors and Gateways How popular is PayPal as a payment method in Southeast Asia? Apr 7, 2013 Payments (General) Are ATM fees driven by actual technical costs or mainly used as profit centers by banks? Apr 7, 2013 How Banks Work Can a non-US citizen living abroad use a credit card issued by a US bank? Apr 7, 2013 Credit, Debit and Prepaid Cards Which processors allow online cash-advance transactions? Apr 7, 2013 Merchant Accounts, Processors and Gateways What are the reasons behind low adoption of online payments among Indian users? Apr 7, 2013 Emerging Markets and Financial Inclusion Why does PayPal face legal and regulatory hurdles in India compared to 2Checkout? Apr 7, 2013 Licensing in Other Countries