We have established a money transfer company in Canada and now we are looking for a bank in the US and want to be its Authorized Delegate in the USA for money transfer services.
Regarding the US: which states are included? Are TX, CA and NY included as part of the initial package?
Is Faisal Khan the principal license holder or a sublicensee and solution provider (in the case of US as well as the UK/EU rollout)?
If we do not intend to establish a company in the US, due to the regulations, taxes, etc. Is it possible to continue to operate from Ecuador, with payment and correspondent agreements given that we comply with all regulations in Ecuador?
Since your company only contacts, arranges, and opens the door to negotiate; is it possible to negotiate with the company willing to work with our company? What happens if an agreement is not reached on the issue of prices or for any other issue? Is the payment for your services reimbursed 100%?
In summary, there are 3 ways to enter the remittance market in the US, 1) obtaining your own licenses, 2) through an agreement with a company that has the licenses to operate (this is the way we currently work), and 3) operating a digital platform where the whole process is done by the MSB, and we never touch the funds. Is this correct?
Would our company be an agent of the sponsor? I’ve read a lot of jargon about the agent relationship; could you please elaborate on this a bit.
Do you have any typical sponsorship agreements drafts that you could share so I can get a better understanding of the potential terms we can expect?
Montana does not require a money transmitter license, so if I register a company there am I exempt from money transmitter licenses?