Community Q&A
Questions
3,063 questions answered by experts in payments, banking, and financial services.
What is a Money Services Business (MSB)?
Can central banks regulate cryptocurrencies to the same extent as fiat currencies?
What type of license is required if acting as an intermediary in an FX transaction between two parties?
Do large banks and institutions have enough physical cash to handle multi-billion-dollar cash transactions (e.g., cash-based M&A), or is it mostly an accounting mechanism?
How does the US government send money to other countries—by check, bank transfer, or cash?
Why doesn’t Coinbase allow instant USD withdrawals to bank accounts or PayPal after selling crypto?
I want to get into the remittance business for Nigeria – how do I get started?
How does Correspondent Banking work?
Does the Bank Account Verification also include ID verification?
Do we need a correspondent tie-up agreement, if there is a licensed financial entity involved, like an exchange, or another Money Services Business?
Can offshore accounts be traced?
Can a state-chartered bank operate in another state in which it is not licensed?
How long does it take to transfer the money to the bank?
Is nationwide coverage guaranteed?
As a fresh startup, what is the probability of being sponsored by a bank or an exchange company?
Does MSB in Montana has the same value as MSB in Canada?
Do banks maintain records of the total deposits made into an account over a specific time period?
Can bitcoins be sent directly from one wallet to another without using an exchange?
What are standard AML and KYC compliance requirements for crypto exchanges?
Are international wire transfer fees fixed amounts or percentage-based charges?
Why do some US banks restrict or block international wire transfers?
How do authorities trace and prosecute money laundering activities involving cryptocurrencies like Bitcoin?
Is Bitcoin better understood as a payment network, a currency, or both?
What alternatives exist to PayPal and Payoneer for international online payments?
How can someone send money to another person without revealing all personal details?
Are there services that allow Bitcoin to be exchanged for cash and then transferred via PayPal or similar platforms?
How much money do you need for a new banking license in the United States?
Are there any restrictions on MSB licenses that we should know about?
What are some common misconceptions regarding MTL?
What are MTL Bonding and Financial Requirements?
How do fines or penalties typically work?
What is the Model Money Transmitter Law?
Why are payroll processors suddenly concerned about MTL?
What is Money Transmitter Licensing (MTL)?
What are Rollups
What happens to cryptocurrency once it is converted back into fiat currency?
Is there typically a fee for receiving an incoming wire transfer?
How Much Money is Needed to Apply for a New Banking Charter?
Who coined the term "Remittance-as-a-Service" or RaaS?
What does it mean when someone says they are "farming us" (or “farm us”) in the crypto space?
Are hawala brokers regulated by governments, and why are hawala systems tolerated despite misuse risks?
What are Authorized Push Payment (APP) Scams?
How to Verify Investment Advisor Credentials
What free resources are available for learning about AML regulations?
Is it acceptable to request donations on a website by publicly listing personal bank account details?
If a Pakistani citizen launches a crypto exchange, can it operate locally without SBP regulation?
Why are intermediaries like PayPal or Venmo still needed if Bitcoin transactions can be pseudonymous?
What is the safest and most efficient way to move large sums of money between two European countries?
Can a wire transfer be stopped or recalled after it has been sent internationally or out of state?
What information does a typical remittance slip contain?
Can the source and destination of a wire transfer be tracked by third parties?
Is it possible to transfer funds from Europe to the US without involving banks at all?
How do you get a Forex trading license in the UK, and what does it involve?
How common is it for law enforcement to investigate wire transfer transactions?
In what ways could cryptocurrencies potentially replace or bypass SWIFT?
Who has the authority to issue fiat currency?
How many Layers are in a Blockchain?
Why is understanding IRS Title 31 Audit crucial for BTM operators?
Is it possible to wire money directly between banks in Russia and the United States?
Why does the gas fee in the cryptocurrency world fluctuate while transaction fees in the fiat world remain fixed?
Do we need to be licensed in any capacity, such as a money transmitter?
Is a money transmitter license required for the operation of closed-loop cards in the United States?
Does the tax authority know exactly how much money individuals hold in bank accounts?
Why is Bitcoin priced higher in emerging markets?
Is a license required to operate crypto-related services in the US?
What are the costs involved in registering as an MSB or money transmitter in the United States?
What does an anti-money laundering certification typically cost?
How can someone check if their identity has been used in a fraudulent wire transfer?
What defines a RaaS (Remittance-as-a-Service) Provider, and how does it differ from a traditional money transfer company?
Who coined the term Money Transfer-as-a-Service or MTaaS?
What is payment clearing?
What is trade finance?
What is factoring?
What is collateralized pre-funding?
What is non-collateralized pre-funding?
If you're a billing aggregator and you're simply providing billing information but not handling the payments, are you considered a money services business?
How can someone control impulsive spending habits?
What is an Online vs. Offline Transaction?
What happens when the government raises the borrowing rate to curb inflation?
What is Product-Market fit?
What are the state requirements for authorized delegates in terms of managing funds?
Do I need a license for a private USDT transaction in Florida?
Why don't some US banks offer international wire transfers?
What is Know Your Transaction (KYT)?
What is the difference between an Authorized Delegate and an Authorized Agent?
How do you open a wire transfer-enabled bank account?
What is the difference between stored value and top-up?
Is it possible for Pakistan to recover looted funds held in European banks?
How does today’s banking system differ from banking 25 years ago?
Why is pre-funding required in the money transfer world?
Is prefunding considered trapped capital?
What are the implications of the US proposal to report transactions over $600 to the IRS?
Are international financial institutions still necessary today?
Is a digital wallet legally the same as a bank account?
What lessons has real-world experience revealed about Bitcoin?
What value does Nigeria’s e-Naira bring to the economy?
Why would a country ban private use of cryptocurrencies?
What would be some red flags for a KYB audit?
How is an Exchange-Traded Fund (ETF) and its NAV calculated?
What is the difference between a Community bank and a Credit Union?