A medical company in Venezuela requires $50,000 cash for its payroll; they wire us $50,000 in Florida, and we give them $50,000 cash in Venezuela minus the fee. Do we need to set up a correspondent tie-up agreement for such transactions?
We noticed that the credit card processing is at 2.09% for the starter plan. Can we bring our own card processor if we have one?
Can I use an aggregator on the Starter plan and use the aggregator to payout to multiple countries (more than the allowed number)?
Ria Money Transfer is beating the pricing structure you have listed on your website. This means I pay no more than $3-$4 when sending by bank account to India. What do you say about this?
What is the current ongoing rate of the dollar you offer for Euro (CFA) Cedi, Naira through your scheme?
RIA is competitively charging low fees, and the only way we could match up would be to find a payout partner with a good rate. Your solution is turnkey, which is good, but, we need visibility into the rate (assuming you will be assigning a payout partner to us) so that we could do some quick calculations before investing in your solution.
Why is the flow of funds important and why must I make it? Why can’t you make the flow of funds based on our project’s understanding (as you comprehend it)?
What bank will we be signing with? Can you tell us the name of the financial institution you are talking to? We might already be in conversation with them?
Regarding the API we have a vendor that helps with Tech Support. We will work with the bank directly to develop our back end. Does the licensed financial institution provide an API?
When is the referral fee due? Is it due once we are connected to a financial institution and an account has been opened with them?
Are armored carriers allowed to pick up cash from Bitcoin ATM Operators and deposit it into their vault account and then transfer it over to our account?
How do I tell the payout partner in my beneficiary country to have a correspondent tie-up with the solution provider?
I will be happy to pay a bigger reserve or something like that if we can have the limits raised to 5K, as only WorldRemit and Western Union offer those limits and that is the kind of company I want to have in the future if everything goes well.
How can there be fraud in the money transfer business? I don’t know about the business and want to know if it comes with some kind of chargeback or fraud protection for us.
Let’s say that I start the business, what would be my role in it? Will I be in charge of the back office?
If I have a starter package, how much do you think I need to have in my budget to have everything operative in the shortest amount of time? Please give me an estimate.
Which service plan do you recommend for a startup company to start with? Is it possible to choose the Starter plan now and upgrade later?
Who does the ID verification? Do I have to hire a third-party company for this, or is it included in the software?
What is the minimum and maximum amount that a client can pay using a debit card? Also, what is the minimum amount that a client can send using ACH?
Can the daily transaction limits be increased by increasing the reserves? If yes, how long does this process take?
Would a US Bank Account (Nostro) via Fedwire be held in a foreign country? Would that be classified as Nostro accounts?
Can we operate on a funds good & settled model? Please clarify steps of responsibility in the flow of funds.
What happens under a RaaS program when you want to use a specific provider in the beneficiary country?
Can my company be incorporated outside the United States, even though the RaaS we want is from the US?
Is there a special type of company we need to form in order to be able to do Remittance-as-a-Service?
Barring your referral fees, realistically what is the most minimum amount we can start a money transfer business with?
If we are a licensed money transfer company with extensive agreements with the payout countries, will the principal license holder agree to sign an agreement with us?
What are the solution providers payout rails? How can we find out their commercial terms and delivery times for the pay out countries?
With a US sponsored solution provider for Remittance-as-a-Service, would we also be able to use Europe as sending corridors?
What is a list of reasonable payout countries that we can get access to by the solution provider when we are setting up our money transfer business?
How can you tell if the balance being converted to cash is from a credit card, a debit card, a gift card, or a prepaid card?
Other than the receipt, are there other methods to see whether cash was deposited into the gift card or not?
Would we receive proper installation/onboarding support for the API once we choose a solution provider?
How do you determine which gift cards have been issued in the United States and/or which store has issued them?
Is it possible for you to hold the funds in case I want to get them transferred to a different account?
With regards to me as the owner of the business, how many departments do I need to run this (remittance as a service business) successfully?
Are they (the principal license holder) going to hold some money? For example, if they got 100% from the customer, do they hold to the funds or will they release it all?
Before we sign with your company, are there any reference projects we can see to help us make a decision?
Do you have any list price for regulatory coverage for each US state to help us pick our “Must-have States”?
How many days will the owner of the license take to make a deposit (liquidation of the money) in my clients bank account?