Community Q&A
Questions
3,063 questions answered by experts in payments, banking, and financial services.
How will central banks regulate cryptocurrency, and what are the privacy implications?
Why did Transfast discontinue its online money transfer service in February 2020?
What is the total amount of money transferred globally each day?
What is the accounting system that tracks a country’s international financial transactions called?
Can I transfer $20,000 from the US to Australia without triggering compliance flags?
Are money transfers like Western Union taxed by the US government?
What distinguishes a commercial bank from a nationalized bank?
Could countries eventually replace the US dollar with Bitcoin as a reserve currency?
Are government banking regulations overly burdensome for banks and the public?
How do companies prevent money laundering?
Is it risky to keep all your money in a single bank?
Can licensed money transmitters sponsor other companies under their licenses?
Why are contactless cards called contactless if tapping is required?
What happens to funds in forgotten or unclaimed bank accounts?
How can I track the location of money sent using a SWIFT transfer?
What are the best fintech podcasts?
Is there any way to create a PayPal account for a minor?
How do private banks create money?
Why do people still fall victim to Western Union scams?
What resources help newcomers learn the payments industry quickly?
Does the money in bank accounts physically exist or only digitally?
Can someone open a US bank account from Nepal?
Can a company charge the final amount to a credit card on file (saved at deposit) without getting permission again?
What’s the difference between foreign exchange (FX) and the foreign exchange rate?
Can someone withdraw funds if they have access to my email and bank statements?
Will a bank allow you to deposit money into another person’s bank account without their involvement?
How can a Nigerian graduate earning very little increase their income?
How can someone legally bring a $2 million inheritance into the US?
What are the first principles behind how financial capital moves across the global economy?
If a bank calls you, what questions can you ask to verify the caller is legitimate even if the number appears genuine?
Which types of bank transactions are classified as international?
Can wire transfers get lost, and what are the common reasons this happens?
How did large money transfers happen before modern banks and coinage?
Can an illiterate person operating a current account issue a cheque using a thumbprint?
Why can’t newer money transfer services (like TransferWise/Wise and WorldRemit) send money from some emerging markets where demand exists?
What could be the biggest implications for Pakistani startups and SMBs if Pakistan is placed on FATF’s grey list or black list?
How quickly do authorities detect money transfer fraud?
Who built the first electronic payment processing system?
How do correspondent banking relationships work in remittances?
How do you obtain licensing and banking for a US-to-Kenya remittance app?
Can I receive funds in my Payoneer account from another Payoneer account?
Is there such a thing as a “professional money launderer,” and do criminals hire specialists to launder money for them?
What’s the difference between a settlement bank and a remitting bank?
If someone wires me $150, could I be charged with wire fraud?
Can SWIFT be used for domestic transfers within a country?
What effect could Bitcoin have on international trade?
If someone in the US sends crypto abroad, the recipient sells it, and sends fiat proceeds back—are there legal or compliance risks?
If I can receive international client payments directly to my bank, why would I use Payoneer?
How are transactions worth over a billion dollars executed in practice?
Are deposits in Pakistani retail banks protected by any government-backed deposit insurance like FDIC?
How can I take PayPal Europe Ltd to court if they’re holding $26,000 for 180 days without a clear reason?
Is it legal for banks to block or limit transfers to cryptocurrency exchanges?
Which major cryptocurrency exchanges are likely to fail (e.g., among the top 25)?
Can Pakistani banks transfer funds online to UAE banks?
Why must non-US transactions often clear through US banks?
If I collect money from people and send it using a licensed money transmitter’s app, is that legal in the US—and can I charge a fee for doing it?
How affordable is living in Istanbul when earning in US dollars?
Do you need a money transmitter license in New Jersey to operate a Bitcoin ATM business, and why?
Is TransferWise/Wise a good option for sending money abroad?
What are the costs associated with surety bonds for US money transmitter licenses?
How long does it take to obtain money transmitter licenses nationwide in the US?
Can non-US institutions sponsor US crypto businesses legally?
How do stablecoins work?
Is the era of the US dollar ending, and could oil/gold be priced in another currency like EUR or JPY?
If someone scammed me in Bitcoin in Pakistan, should I report it to the police or FIA—especially if Bitcoin is illegal?
Can foreign banks provide money transmitter coverage inside the US?
How difficult is licensing for crypto exchanges in the US?
How can a cash-strapped startup obtain US money transmitter licenses?
Do international fintech startups need US money transmitter licenses?
Can multiple country bank accounts be linked to a single Payoneer account?
Can you deposit cryptocurrency directly into PayPal?
How much more or less expensive is international money transfer using Bitcoin compared to traditional banking?
What did the United States attempt to buy for $100 million in 1946?
Which countries allow online bank account opening for non-citizens?
What happens if I accidentally used a wire routing number for an ACH deposit transaction?
How does Payoneer legally provide bank accounts to non-UK residents?
Is there a system that ensures global bank transfers net to zero?
Why do many automated bank transfers only process overnight?
How do remittances benefit national economies?
Does a startup need a money transmitter license to offer a closed-loop gift card system for SMBs?
How can Remitly send money to a customer’s bank account in India within minutes?
Does a money transmitter need to notify state regulators when forming an agreement with another transmitter, or can MTOs enter/exit partnerships freely?
What impact do small and mid-sized money transmitters have on the global remittance market—are they insignificant, and what data exists on their combined share?
How much US currency physically exists, and what percentage of US money is only digital (bank ledger entries)?
Can you view all money transfers made through a specific Western Union account over multiple years?
How feasible is it to get a money transmitter license in California for a storefront crypto-to-cash business?
What gives money its value if it’s no longer backed by gold?
Will Ripple dominate global cross-border payments?
Is there a network or consortium for small licensed money transmitters in the US?
Why is Payoneer withdrawal to Pakistani local banks labeled “ATM Transfer” instead of “Home Remittance” (tax-free), and how can I prove it in my tax return?
Can non-residents open US bank accounts?
Is it possible to build a PayPal-like online payment system in Thailand?
What are the odds Bitfinex is not AML/KYC compliant for a significant share of its transactions?
Are certificates of deposit still a good investment choice?
Does PayPal provide routing numbers similar to bank accounts?
How can a small money transfer company compete in today’s market?
What are the key differences between ACH payments and CHIPS transfers?
What services are typically offered under private client banking?
Why does the Pakistani rupee lose value when USD reserves fall, compared with reserve declines in other currencies?
What is the most misunderstood aspect of cryptocurrency?