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
Do any online store builders or ecommerce platforms offer multi-currency credit card processing? Sep 7, 2012 E-Commerce, Marketplace and Platform Payments What are the most effective methods to start and finalize an offline transaction through online channels? Sep 7, 2012 Payments (General) What’s the most effective way to find and attract new clients? Sep 7, 2012 Business Strategy, Case Studies and Lessons Learned What challenges might PayPal encounter if it increased its monthly sending limit to $50,000? Sep 6, 2012 AML Programs, KYC and Compliance Operations Why are bank transfers and credit card payments not processed during weekends? Sep 4, 2012 Domestic Payment Rails, National Switches and Clearing Systems What features define the ideal electronic payment service? Sep 3, 2012 Payments (General) Which U.S. retail bank offers the strongest international banking support? Sep 2, 2012 How Banks Work Is it wise to keep spare foreign currency to resell later to people traveling to that country? Sep 2, 2012 FX Rates, Spreads and Currency Markets Is it lawful to send money to someone via PayPal for the purpose of them passing the cash to another person? Sep 1, 2012 Law, Contracts, Terms of Service and Legal Structures I’m relocating from India to San Francisco—what type of bank account should I open to enable smooth money transfers? Sep 1, 2012 Opening Bank Accounts, Personal and Business What is the production cost of a typical credit card terminal? Sep 1, 2012 Merchant Accounts, Processors and Gateways Is it possible to open a U.S. checking account without physically traveling to the United States? Sep 1, 2012 Opening Bank Accounts, Personal and Business Do AML regulations genuinely help curb white-collar crime? Aug 12, 2012 Money Laundering and Financial Crime Do policymakers account for the increasing shift toward digital payments when deciding how much physical currency to print? Aug 11, 2012 Economics, Inflation and Monetary Policy I have excess money and am unsure how to use it—what are some ways I could spend it? Aug 11, 2012 Personal and Consumer Finance, Budgeting and Saving What consequences might arise from Standard Chartered’s alleged involvement in Iranian money-laundering schemes? Aug 11, 2012 Regulators, Enforcement and Regulatory Change Should the public direct moral criticism toward banks such as Standard Chartered or HSBC? Aug 11, 2012 Geopolitics of Money and the International Monetary System ACH: Is it possible to withdraw funds from a bank account using only the routing and account number, provided you have the customer’s authorization? Aug 11, 2012 Domestic Payment Rails, National Switches and Clearing Systems Where can I locate the bank-by-mail addresses for major U.S. banks without having to call each institution? Aug 10, 2012 Domestic Payment Rails, National Switches and Clearing Systems Is there an API to move funds between a customer’s checking and savings accounts? Aug 10, 2012 Developer Tools, APIs, Sandboxes and Open Source How can non-U.S. businesses use Authorize.net? Aug 10, 2012 Merchant Accounts, Processors and Gateways Is there an API that allows transfers between a customer’s checking and savings accounts? Aug 10, 2012 Developer Tools, APIs, Sandboxes and Open Source How do non-US businesses typically integrate and use Authorize.net? Aug 10, 2012 Merchant Accounts, Processors and Gateways How does American Express FX International Payments compare to options like Xoom? Aug 9, 2012 Sending and Receiving Money Abroad How does American Express FX International Payments compare to services like Xoom? Aug 9, 2012 Sending and Receiving Money Abroad What are the typical salary levels across different regions of the world? Aug 8, 2012 Careers, Jobs and Working in Finance Why has Google decided not to operate as a commercial bank? Aug 8, 2012 Fintech, BaaS and Embedded Finance What is the central-bank-assigned Bank Code called in India, and where can I locate it? Aug 8, 2012 Domestic Payment Rails, National Switches and Clearing Systems What qualifications are needed to operate as an acquiring bank that processes credit and debit card transactions? Aug 8, 2012 Card Networks and Card Issuing For a freelance marketplace similar to Elance/O-Desk, what is an affordable alternative to a traditional escrow service? Aug 8, 2012 E-Commerce, Marketplace and Platform Payments I have $250K in a low-interest savings account—what’s the best investment approach while keeping $25K liquid? Jul 11, 2012 Personal and Consumer Finance, Budgeting and Saving What is the most efficient method to convert EUR from Ireland into USD in the United States? Jul 9, 2012 International Wire Transfers and Large Transfers Money Transfers: What share of the U.S. domestic market do Western Union and MoneyGram hold? Jul 9, 2012 Money Transfer Business and MTOs What details must you provide to send an ACH money transfer? Jul 9, 2012 Domestic Payment Rails, National Switches and Clearing Systems Can BACS payments between UK banks be reversed after showing in the recipient’s account? Jul 9, 2012 Domestic Payment Rails, National Switches and Clearing Systems What changes are expected in international money transfers over the next five years? Jul 9, 2012 Sending and Receiving Money Abroad Which Canadian companies are known for providing quality web hosting services? Jul 9, 2012 General Finance Questions What beneficiary details are required to send money using the ACH system? Jul 9, 2012 Domestic Payment Rails, National Switches and Clearing Systems Can a BACS payment between UK bank accounts be reversed after it appears in the recipient’s account? Jul 9, 2012 Domestic Payment Rails, National Switches and Clearing Systems How are international money transfers expected to evolve over the next five years? Jul 9, 2012 Sending and Receiving Money Abroad Is Bloomberg a well-known and influential company? Jul 9, 2012 Capital Markets: Stocks, Bonds and Derivatives Where can reliable data on global money flows be accessed? Jul 9, 2012 Economics, Inflation and Monetary Policy What is the simplest way to accept payments for a side project? Jul 9, 2012 Freelancers, Side Hustles and Getting Paid Online What are the most affordable merchant account options available in India? Jul 9, 2012 Merchant Accounts, Processors and Gateways Where can you find reliable data on global money flows? Jul 9, 2012 Economics, Inflation and Monetary Policy What’s the easiest way to accept payments for a personal side project? Jul 9, 2012 Freelancers, Side Hustles and Getting Paid Online What’s the best affordable merchant account option in India? Jul 9, 2012 Merchant Accounts, Processors and Gateways If you use PayPal’s or Dwolla’s API to build an app linking payer and payee, do you require a Money Transmitter License, or are you covered by their licensing? Jul 8, 2012 Licensing Strategy, Sponsorship and Agent Models How can payments be accepted via SMS in Mexico? Jul 8, 2012 Payments (General) How can merchants in Mexico accept customer payments through SMS? Jul 8, 2012 Merchant Accounts, Processors and Gateways