Community Q&A
Questions
3,063 questions answered by experts in payments, banking, and financial services.
What are the advantages of holding an EU money transmitter license versus operating under a bank’s umbrella?
How is money transferred between domestic and international bank accounts instantly when no physical cash moves?
Why do individuals open bank accounts in multiple countries?
What is involved in issuing prepaid debit cards through offshore banks?
Are international money transfers truly instant?
How large is the global market for small-value remittances?
How can small money transfer businesses improve competitiveness?
How Much Money Do I Need to Get Started?
Which apps besides PayPal allow instant transfers to friends and family?
Are there payment methods with zero transaction fees?
Do banks in developing countries follow international banking regulations?
Are wire transfer funds available immediately after sending?
Can foreigners open bank accounts in Turkey without residency permits?
Which countries allow non-citizens to open bank accounts with only a passport?
What is the “Travel Rule” in financial transactions and why does it matter?
What does it cost to register with FinCEN?
Does accepting cryptocurrency as payment classify a US company as an MSB under FinCEN?
Why do criminals engage in money laundering?
How can a non-US crypto exchange legally onboard US customers?
Who ultimately receives the funds when a company is sold?
Why does McKinsey report cross-border flows in the hundreds of trillions of dollars?
Are there countries where non-residents can open bank accounts without visiting in person?
How are bank routing numbers structured in Pakistan?
What major problems in payments technology remain unsolved?
Will Facebook Novi threaten small and mid-sized money transfer operators?
Why is the Apple credit card receiving so much attention?
How can governments influence remittance inflows and outflows?
Why do interbank transfers take longer than transfers within the same bank?
Is wiring money illegal under any circumstances?
Which countries receive the highest volume of remittances globally?
What is the IBAN for Wells Fargo Bank?
Can wire transfers be lost, and what causes this?
Why are PayPal transfers faster than traditional bank transfers?
Is it realistic to create a single global currency for international trade?
If Payoneer is linked to my bank, are received funds automatically transferred?
Can I use a Payoneer Mastercard to open an Amazon seller account?
How much does counterfeit currency sell for on the black market?
In correspondent banking, who sets FX rates and who profits from them?
What is Remittance-as-a-Service (RaaS)?
What prevents a major social network from becoming a full banking and payments platform?
Is it legal in the US for a business to issue its own internal currency for purchases?
How can someone in Pakistan get a free virtual Visa or MasterCard without a bank account?
What is the difference between interbank FX rates and open market FX rates?
Do all banks rely on intermediary banks for international wire transfers?
Do I need a money transmitter license if my platform collects customer payments and distributes proceeds to vendors?
Can banks recall international wire transfers during compliance investigations?
How can Saudi Riyals be transferred into a Pakistani Riyal-denominated account?
Why do banks prohibit storing cash in safe deposit boxes, and how would they know?
How can PRC be issued in Pakistan for a Western Union remittance?
When will physical cash and coins fully disappear?
What forms of money or payment methods do you expect to use in the future?
Is it possible to send money anonymously through Western Union?
Why do developing countries rely heavily on prepaid mobile services?
How did banks transmit international payment instructions before SWIFT existed?
Can I use only Payoneer’s virtual card without receiving a physical card?
Which global payroll platform offers the lowest fees and widest coverage?
Why don’t banks explain why they freeze or close accounts?
How can an overseas Pakistani file a tax return with no income source?
What’s the fastest way to send money to the Philippines besides Western Union, MoneyGram, and Xoom?
Do economists classify balances in Venmo or PayPal accounts as part of M1 or M2 money supply?
What role do US banks play in international money transfers?
When sending money to a foreign bank in another currency, which bank performs the FX conversion—the sender’s bank or the receiver’s bank—and whose exchange rate is used?
Which companies offer API-based ACH pay-ins and payouts?
Can correspondent agreements include more than two money transfer parties?
Do FinCEN-registered businesses still need state money transmitter licenses?
Which is better for African correspondent banking: Turkey or the UAE?
What is the difference between deposit-taking and non-deposit-taking financial institutions with examples?
Why do money transfer companies struggle to access card processing services?
Why does Nigeria have a parallel exchange rate market for the naira?
Can funds be transferred from a bank account into Payoneer?
How can I identify a merchant’s name using only the merchant ID (MID) from my bank statement?
Do I need a money transmitter license if I collect money on behalf of someone in another country (e.g., Ghana) and pay them out monthly to reduce micro-transaction fees?
If I receive money in the US on behalf of someone else to make an online purchase for them (they live outside the US), am I considered a money transmitter?
What regulations would apply to a peer-to-peer money transfer platform (like a TransferWise/Wise matching model) if the platform never touches customer funds and only matches users?
What would happen if someone stole $0.10 from every bank account in the world, but later paid it back using their invested billions?
How are US money transmitters surviving “de-risking” (loss of banking relationships), and what workarounds do they use?
Can a fintech startup legally rent a money transmitter license?
Is there profit potential in launching a remittance business focused on Somalia?
Will money transfer operators be disrupted by Facebook’s Novi?
How can an international business access SquareCash, Venmo, or PayPal APIs?
What is the difference between white-label sponsorship and being an agent of a money transfer company?
What alternatives to SWIFT exist for international payments?
Can I send funds from Pakistan to Australia using TransferWise/Wise?
Is the Payoneer card a credit card or prepaid debit card?
Who regulates international money transfers globally?
Can you recommend law firms that specialize in US payments and money transmission regulation?
Are TransferWise borderless account balances visible to tax authorities?
Can PayPal payments be sent without revealing the sender’s name?
Why do bank transfers still take days to complete?
Which large companies missed out on the payments opportunity?
Can USD cash be used for everyday transactions in Venezuela (like taxis and meals), or do I need bolivars?
Should I use Bitcoin or TransferWise/Wise to transfer money to myself internationally if I’m not in a rush but want to minimize FX “racketeering” fees?
Why is Bank of America’s ACH transfer process so slow?
Can someone split $1B across multiple FDIC-insured banks and live off the interest legally?
How can a non-resident obtain a high-risk merchant account in the US?
Do US authorities monitor PayPal transactions for illegal activity?
What should be entered in SBI remittance instructions for foreign transfers?
Which currency has the highest value globally today?
Can TransferWise balances be withdrawn as cash?
What’s the safest way to cash out a large amount of cryptocurrency?