Knowledge Base
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7 Articles
- Who will be in charge of ID verification process or KYC process? Will it be me or someone else?
- Who is responsible for anti-money laundering?
- What is the timeline before we can go live?
- Does the Bank Account Verification also include ID verification?
- Do we need to hire a full-time compliance officer?
- What is a KYC and is there an API for it? Is it for the beneficiary?
- Once I sign the referral agreement, what should I expect next?
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59 Articles
- 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?
- What is the difference between Reserve and Pre-funding under Balances & Reserves?
- 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.
- Do you think an ACH can be rejected (incurring reject fees) if we verify the balance ahead of time?
- What due diligence will need to be completed on our end?
- For the Bitcoin ATM business, are the financial institutions prescreened and verified?
- Why do we have to pay you (Faisal Khan, LLC) the monthly fees for banking and why not the bank?
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8 Articles
- Do all gift cards have a fixed fee or it varies from month to month? Why?
- 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?
- Can a front and back picture of the gift card be useful to me?
- Other than the receipt, are there other methods to see whether cash was deposited into the gift card or not?
- Is it possible to break down large amounts of trades into smaller sections using my gift card?
- What is the maximum amount I can withdraw from my gift card?
- If I lease a license will it allow us to integrate Mastercard and Visa?
- How can you know if there’s money on the Gift Card? And how much?
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13 Articles
- 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?
- Do all gift cards have a fixed fee or it varies from month to month? Why?
- 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?
- Can a front and back picture of the gift card be useful to me?
- Other than the receipt, are there other methods to see whether cash was deposited into the gift card or not?
- Is it possible to break down large amounts of trades into smaller sections using my gift card?
- What is the maximum amount I can withdraw from my gift card?
- If I lease a license will it allow us to integrate Mastercard and Visa?
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4 Articles
- The $5,000 monthly fee is for whom?
- Is banking for Bitcoin ATM business done through direct bank relationships or an intermediary?
- Will the bank account for my Bitcoin ATM business be able to accept deposits via armored carriers?
- Is handling crypto-currency already included in the pre-built application?
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54 Articles
- There are a merchant account application processing fee and solution provider one-time fee. Are these two different parties?
- 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?
- For your one-time consultation (referral) fee could we ask you for a break on it?
- The $5,000 monthly fee is for whom?
- What is the original $25,000 fee for?
- Why do we have to pay you (Faisal Khan, LLC) the monthly fees for banking and why not the bank?
- 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?
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9 Articles
- Can we start with our Mauritanian company?
- 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?
- Which country/countries is remittance-as-a-service (RaaS) available for?
- 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?
- Can you give me more details about payment (payout) countries?
- Who is providing the payment rails to the countries we plan to send money to?
- I want to get into the remittance business for Nigeria - how do I get started?
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45 Articles
- For the Bitcoin ATM business, are the financial institutions prescreened and verified?
- Is it possible to get the interbank (mid-market rate)?
- What are the solution providers payout rails? How can we find out their commercial terms and delivery times for the pay out countries?
- Can we have a legal company name and then have a separate name (register a "doing business as")? Is that allowed?
- As a fresh startup, what is the probability of being sponsored by a bank or an exchange company?
- Is there a non-compete clause for the customers that we bring in?
- Can I initiate a transfer without having the money flow through a bank I own?
- 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?
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43 Articles
- Is it possible to get the interbank (mid-market rate)?
- What are the solution providers payout rails? How can we find out their commercial terms and delivery times for the pay out countries?
- Can we have a legal company name and then have a separate name (register a "doing business as")? Is that allowed?
- As a fresh startup, what is the probability of being sponsored by a bank or an exchange company?
- Is there a non-compete clause for the customers that we bring in?
- Can I initiate a transfer without having the money flow through a bank I own?
- 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?
- Is there a list of reasonable countries that we will get access to?
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44 Articles
- Is it possible to get the interbank (mid-market rate)?
- 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?
- Can we have a legal company name and then have a separate name (register a "doing business as")? Is that allowed?
- As a fresh startup, what is the probability of being sponsored by a bank or an exchange company?
- Is there a non-compete clause for the customers that we bring in?
- Can I initiate a transfer without having the money flow through a bank I own?
- 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?
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55 Articles
- Can we work under a Trust’s Money Transmitter License?
- Do OTC services require a license?
- Can a company registered in Barbados as a licensed MSB operate (send/receive money) from/in Florida?
- Is nationwide US state coverage guaranteed?
- Is a payout partner provided only in the case of a white-labeled offering?
- Is it possible to get the interbank (mid-market rate)?
- Is nationwide coverage guaranteed?
- What are the solution providers payout rails? How can we find out their commercial terms and delivery times for the pay out countries?
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117 Articles
- 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?
- Can we use your RaaS offering for B2B?
- Can a company registered in Barbados as a licensed MSB operate (send/receive money) from/in Florida?
- What is the difference between Reserve and Pre-funding under Balances & Reserves?
- 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?
- Is nationwide US state coverage guaranteed?
- If I start on the smaller plan like Starter and then upgrade to Pro? How does that happen?
- Can I use an aggregator on the Starter plan and use the aggregator to payout to multiple countries (more than the allowed number)?
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7 Articles
- If we choose to settle into a US Bank Account (Nostro) via FedWire, what component of the transaction is settled here? Are the funds not being sent to the destination country bank?
- Is it possible to move from the Starter package to Pro, and Enterprise as volumes grow and then only pay the incremental one-off fee?
- What is the procedure to use our own payout partner in the payout country?
- Can I increase the number of payout countries while opting for the Pro or Starter package?
- Can you give me more details about payment (payout) countries?
- Who is providing the payment rails to the countries we plan to send money to?
- What are the solution providers payout rails? How can we find out their commercial terms and delivery times for the pay out countries?
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47 Articles
- What is the difference between Reserve and Pre-funding under Balances & Reserves?
- Do you think an ACH can be rejected (incurring reject fees) if we verify the balance ahead of time?
- If I start on the smaller plan like Starter and then upgrade to Pro? How does that happen?
- 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)?
- Is chargeback or fraud protection included in your services?
- Can we propose our own payout provider? How long does due diligence take and are there any extra costs associated? What is required of us and from the payout provider?
- If we choose to settle into a US Bank Account (Nostro) via FedWire, what component of the transaction is settled here? Are the funds not being sent to the destination country bank?
- Can we use our own platform and development stack if we have our own technology team, and not opt for your web/mobile app?
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87 Articles
- If I start on the smaller plan like Starter and then upgrade to Pro? How does that happen?
- Can I use an aggregator on the Starter plan and use the aggregator to payout to multiple countries (more than the allowed number)?
- 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)?
- Do aggregators have to be approved and if so, how long does that take?
- Do you provide a settlement wallet/account?
- 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?
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31 Articles
- 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?
- Let’s say that I start the business, what would be my role in it? Will I be in charge of the back office?
- Who does the ID verification? Do I have to hire a third-party company for this, or is it included in the software?
- Is a payout partner provided only in the case of a white-labeled offering?
- Can we use our own platform and development stack if we have our own technology team, and not opt for your web/mobile app?
- How much does the Remittance-as-a-Service (RaaS) cost?
- In Remittance-as-a-Service (RaaS), will I just need to give you our branding and be ready to launch?
- Is an API provided for?