Knowledge Base
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19 Articles
- I learnt the concept of FBO/ Omnibus account/ Pooled account, so considering our models, how can we charge our service fee (let's say 2% of the transaction amount) on behalf of our merchants (since we cannot touch the fund)?
- If we opt for API only, will KYC/AML service continue to be provided by the PLH? Please confirm.
- All we need is our CEO, a compliance officer, and an office located in the EU (possible). Am I correct? Are the compliance officer + the office required to be based in the license holder's country?
- Will the license holder assist us with the process, or do we have to consult some law firm, or your team? If we have to seek consultation, what is the additional cost of it (a rough number is fine)?
- What are the Licensed MSB options we will affiliate with? (The ones who own the remittance platform, Compliance and Card/ACH Payment Gateway)
- Is it required to register our company with FinCen? Despite not touching the funds, we have no intention of opening an account in the US, our tax address is in Ecuador.
- From what we understand and know, there should be a person/company in the US who provides services on legal compliance issues. Do you include this service with the indicated monthly price?
- Because it is the fastest way in terms of cost/benefit/time, you make contact with a Bank or an MSB company, which allows us to operate a digital remittance platform? And, do you also provide the legal compliance service?
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63 Articles
- I learnt the concept of FBO/ Omnibus account/ Pooled account, so considering our models, how can we charge our service fee (let's say 2% of the transaction amount) on behalf of our merchants (since we cannot touch the fund)?
- 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?
- Can you please explain if there is a pricing difference (lower cost) between: 1) Option to BYOBB/BYOMTO (Bring-Your-Own Beneficiary Bank / Bring Your Own MTO) 2) Manage our own FX Handling (Optional)
- Is the sponsor also going to provide the bank account for the company?
- 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.
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9 Articles
- In order to be competitive, a payment option by credit card (beyond ACH and Debit Card) would be a great addition. Why is this not offered?
- 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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14 Articles
- In order to be competitive, a payment option by credit card (beyond ACH and Debit Card) would be a great addition. Why is this not offered?
- 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?
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4 Articles
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6 Articles
- What is cryptocurrency-as-a-service?
- Do I need a license if I resell crypto without holding any money and only charge a commission?
- 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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68 Articles
- How many locations under the PLH’s license in the USA are we allowed with starter package and Pro packages for sending? Can more be added without upgrading to the next higher package?
- Out of the referral fee (€ 28,000) and non-refundable application fee (€ 1,500), what is the monthly or yearly service charge from the license holder?
- Does this service require us to pay monthly fees or we are required to market the app and bring customers on board or both?
- What will be the cost if we will develop our App and Web and just pure API integration?
- How much is start-up and monthly cost and is there a Revenue sharing model?
- What is the breakdown of monthly recurring costs for RaaS and is there a minimum monthly cost?
- Your fee for new US MTL applications is very high. What do you provide in this service?
- How will the new UK/EU integrations affect our pricing?
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18 Articles
- If we go for the Operator Led Model, are we qualified if we request to be connected to MSBs in Asia & other regions?
- Would the PLH be entitled to any revenue for intra-Africa (with no tie up agreements necessary) with or without the usage of the SP’s platform?
- If we select to sign up for the Web/Mobile platforms for payments originating from the USA (beyond just API), do we have the option to use the SP’s platform for the African corridors?
- We do not want to hide the fact that we are a crypto company in Asia; however, for EU, we understand crypto topics could be sensitive to most banks. Thus, we prefer to simply utilize the fiat transaction in EU (via an EMI license holder). Can you please tell us how we could be flexible in this case?
- Our model indicates the fact of using crypto transactions in Asia only (not in the EU), and that instead of connecting user to user, we aim to connect merchants (in Asia) to users (in EU) and merchants (in EU) to users (in Asia). Is this model valid?
- When you said an office is needed, do you mean we have to incorporate first and rent an office, or just a virtual office (same as the license holder's office) while there is likely no staff (of us) to work there?
- Do we have to hire an accounting firm in the license holder's country?
- How will the new UK/EU integrations affect our pricing?
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58 Articles
- We do not want to hide the fact that we are a crypto company in Asia; however, for EU, we understand crypto topics could be sensitive to most banks. Thus, we prefer to simply utilize the fiat transaction in EU (via an EMI license holder). Can you please tell us how we could be flexible in this case?
- There is no crypto-license sponsorship option in the EU, am I right?
- When you said an office is needed, do you mean we have to incorporate first and rent an office, or just a virtual office (same as the license holder's office) while there is likely no staff (of us) to work there?
- Can you give some examples of additional services not offered by the Principal License Holder?
- 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?
- Do we have to hire an accounting firm in the license holder's country?
- Out of the referral fee (€ 28,000) and non-refundable application fee (€ 1,500), what is the monthly or yearly service charge from the license holder?
- Your fee for new US MTL applications is very high. What do you provide in this service?
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56 Articles
- Can we also market in the African corridors we are licensed in and send/receive payments between the African corridors?
- We do not want to hide the fact that we are a crypto company in Asia; however, for EU, we understand crypto topics could be sensitive to most banks. Thus, we prefer to simply utilize the fiat transaction in EU (via an EMI license holder). Can you please tell us how we could be flexible in this case?
- Our model indicates the fact of using crypto transactions in Asia only (not in the EU), and that instead of connecting user to user, we aim to connect merchants (in Asia) to users (in EU) and merchants (in EU) to users (in Asia). Is this model valid?
- When you said an office is needed, do you mean we have to incorporate first and rent an office, or just a virtual office (same as the license holder's office) while there is likely no staff (of us) to work there?
- Can you give some examples of additional services not offered by the Principal License Holder?
- 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?
- Do we have to hire an accounting firm in the license holder's country?
- Out of the referral fee (€ 28,000) and non-refundable application fee (€ 1,500), what is the monthly or yearly service charge from the license holder?
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67 Articles
- We do not want to hide the fact that we are a crypto company in Asia; however, for EU, we understand crypto topics could be sensitive to most banks. Thus, we prefer to simply utilize the fiat transaction in EU (via an EMI license holder). Can you please tell us how we could be flexible in this case?
- Our model indicates the fact of using crypto transactions in Asia only (not in the EU), and that instead of connecting user to user, we aim to connect merchants (in Asia) to users (in EU) and merchants (in EU) to users (in Asia). Is this model valid?
- Since our company is about to obtain a Labuan Money Brokering license, may I know whether it is sufficient to use this license to apply to be a Registered Agent (RA) under an EMI holder?
- There is no crypto-license sponsorship option in the EU, am I right?
- When you said an office is needed, do you mean we have to incorporate first and rent an office, or just a virtual office (same as the license holder's office) while there is likely no staff (of us) to work there?
- All we need is our CEO, a compliance officer, and an office located in the EU (possible). Am I correct? Are the compliance officer + the office required to be based in the license holder's country?
- Can you give some examples of additional services not offered by the Principal License Holder?
- 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?
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78 Articles
- Does the solution provider only allow us to conduct business in the US (as we only seek to conduct business in the US based on domestic clients and domestic transfers)?
- How many locations under the PLH’s license in the USA are we allowed with starter package and Pro packages for sending? Can more be added without upgrading to the next higher package?
- Can we, in due time, transfer to another license in the future (if one day we decide to obtain our own license in the USA)?
- Would we be sub-licensed under the Principle License Holder (PLH)?
- What if the license holder has some problem with the government? Will our funds be frozen?
- When you said an office is needed, do you mean we have to incorporate first and rent an office, or just a virtual office (same as the license holder's office) while there is likely no staff (of us) to work there?
- Can you give some examples of additional services not offered by the Principal License Holder?
- 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?
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152 Articles
- I learnt the concept of FBO/ Omnibus account/ Pooled account, so considering our models, how can we charge our service fee (let's say 2% of the transaction amount) on behalf of our merchants (since we cannot touch the fund)?
- If we go for the Operator Led Model, are we qualified if we request to be connected to MSBs in Asia & other regions?
- Can you connect us with the MSB in Southeast Asia in order to act as the MTO in our models?
- I misunderstood the Operator-Led model. Can you please explain again?
- As the Operator Led participant, we can open an EUR IBAN account for processing transactions (which means we can access/install a payment application (provided by the EMI holder) for sending/tracking transactions). So when a customer agrees to use our service, they will send EUR to our IBAN account, is it correct?
- In order to be competitive, a payment option by credit card (beyond ACH and Debit Card) would be a great addition. Why is this not offered?
- On your website, it is mentioned, “e-Wallet solution (stored Value)- does not imply that a software wallet is provided. That is optional and comes under iOS & Android App or White-Label Website”. Can you please provide more details on this?
- Would the PLH be entitled to any revenue for intra-Africa (with no tie up agreements necessary) with or without the usage of the SP’s platform?
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9 Articles
- On your website, it is mentioned, “e-Wallet solution (stored Value)- does not imply that a software wallet is provided. That is optional and comes under iOS & Android App or White-Label Website”. Can you please provide more details on this?
- How robust is the Payout Model for PHP?
- 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?
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58 Articles
- Does the solution provider only allow us to conduct business in the US (as we only seek to conduct business in the US based on domestic clients and domestic transfers)?
- I learnt the concept of FBO/ Omnibus account/ Pooled account, so considering our models, how can we charge our service fee (let's say 2% of the transaction amount) on behalf of our merchants (since we cannot touch the fund)?
- Can you connect us with the MSB in Southeast Asia in order to act as the MTO in our models?
- As the Operator Led participant, we can open an EUR IBAN account for processing transactions (which means we can access/install a payment application (provided by the EMI holder) for sending/tracking transactions). So when a customer agrees to use our service, they will send EUR to our IBAN account, is it correct?
- In order to be competitive, a payment option by credit card (beyond ACH and Debit Card) would be a great addition. Why is this not offered?
- How robust is the Payout Model for PHP?
- Your fee for new US MTL applications is very high. What do you provide in this service?
- Is it required to register our company with FinCen? Despite not touching the funds, we have no intention of opening an account in the US, our tax address is in Ecuador.
-
107 Articles
- Does the solution provider only allow us to conduct business in the US (as we only seek to conduct business in the US based on domestic clients and domestic transfers)?
- If we go for the Operator Led Model, are we qualified if we request to be connected to MSBs in Asia & other regions?
- Can we, in due time, transfer to another license in the future (if one day we decide to obtain our own license in the USA)?
- Would we be sub-licensed under the Principle License Holder (PLH)?
- There is no crypto-license sponsorship option in the EU, am I right?
- When you said an office is needed, do you mean we have to incorporate first and rent an office, or just a virtual office (same as the license holder's office) while there is likely no staff (of us) to work there?
- Does this service require us to pay monthly fees or we are required to market the app and bring customers on board or both?
- Can you please explain if there is a pricing difference (lower cost) between: 1) Option to BYOBB/BYOMTO (Bring-Your-Own Beneficiary Bank / Bring Your Own MTO) 2) Manage our own FX Handling (Optional)
-
48 Articles
- How many locations under the PLH’s license in the USA are we allowed with starter package and Pro packages for sending? Can more be added without upgrading to the next higher package?
- On your website, it is mentioned, “e-Wallet solution (stored Value)- does not imply that a software wallet is provided. That is optional and comes under iOS & Android App or White-Label Website”. Can you please provide more details on this?
- Would the PLH be entitled to any revenue for intra-Africa (with no tie up agreements necessary) with or without the usage of the SP’s platform?
- If we select to sign up for the Web/Mobile platforms for payments originating from the USA (beyond just API), do we have the option to use the SP’s platform for the African corridors?
- If we opt for API only, will KYC/AML service continue to be provided by the PLH? Please confirm.
- Can we also market in the African corridors we are licensed in and send/receive payments between the African corridors?
- Would we be sub-licensed under the Principle License Holder (PLH)?
- What will be the cost if we will develop our App and Web and just pure API integration?