It’s mentioned that “the funds will be kept in the custodian accounts with the EMI, which has opened with particular banks”, how are we supposed to withdraw that fund to our bank account?
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?
Do we need a correspondent tie-up agreement, if there is a licensed financial entity involved, like an exchange, or another Money Services Business?
If we are doing a balance check, do we also need to do a bank account verification? I think the balance check may be sufficient. Please advise.
Would a US Bank Account (Nostro) via Fedwire be held in a foreign country? Would that be classified as Nostro accounts?
We want to expand untapped corridors where correspondence arrangements are needed and are not available. Would we be allowed to make a correspondence arrangement with Banks in that territory?
We want to acquire an MSB Checking account, can you recommend a bank which understands how to partner with money transfer related businesses?
We have already started to sign up clients for our B2C (Business to Consumer), for bank to bank transfers. Can you recommend other solution providers for this use case?
Other than the receipt, are there other methods to see whether cash was deposited into the gift card or not?
Will I be offered a bank account or sub ledgers by the bank to store the money before it is transferred?
Is it possible for you to hold the funds in case I want to get them transferred to a different account?