Money Transfer Operator License Coverage Consulting Fees - Faisal Khan and Company

Money Transfer Operator License Coverage Consulting Fees

Consulting fees for getting regulatory coverage in specific territories

The following are our professional consulting fees for each territory for regulatory (license) coverage:

Geographic AreaConsulting Fees
Application assessment fees (non-refundable)US$1,500
United States (multiple states, STP – straight-through-processing. Cannot hold client funds indefinitely, funds must be processed within 72 hours)*US$20,000
United States (multiple states) with E-Wallet (ability to hold on to client funds, as opposed to straight-through-processing)*US$28,000
United States (multiple states except for the State of New York) for Cryptocurrency Coverage*US$28,000
United States (nationwide, including NY), White-Label Bitcoin & Select Cryptocurrency OTC Exchange*US$49,000**
United States (nationwide, including NY), White-Label Bitcoin & Select Cryptocurrency OTC Exchange + Access to Banking for your BTC Trading Commission Account*US$55,000**
Canada*US$15,000
United Kingdom only* (electronic money coverage, non-agent)£28,000
United Kingdom only* (straight through processing, non-agent)£12,000
United Kingdom only* (electronic money coverage, authorized agent status)£45,000
United Kingdom only* (straight through processing, authorized agent status)£28,000
Associated IBANs with authorized agent status (per GBP IBAN per month per assigned)£250
Europe (including UK)* (straight through processing, non-agent)€20,000
Europe Only with IBANs* (electronic money coverage, non-agent)€28,000
Europe + UK with IBANs* (electronic money coverage, non-agent)€35,000
Europe Only with IBANs* (electronic money coverage, authorized agent status)€65,000
Europe + UK with IBANs* (electronic money coverage, authorized agent status)€85,000
Europe (including UK), White-Label Bitcoin & Select Cryptocurrency OTC Exchange*€40,000**
Europe (including UK), White-Label Bitcoin & Select Cryptocurrency OTC Exchange + Access to Banking for your BTC Trading Commission Account*€48,000**
Australia/NZ*US$15,000
Additional Payment Processing*US$8,000
Additional Backup Options (does not extend outside the US)*US$5,000 -to- US$8,000 (for the same region)
Tri Party Correspondent Tie-Up Arrangements (for US arrangements only)*US$7,500

*Refundable. Please read about our refund policy. Learn more about application assessment fees, our general terms & conditions, and why we request your personal KYC information. Please also consult the prohibited list of products & services.

**In order to qualify for White-Label OTC Desk, you must have active trades of US$ 1,000,000 per month. Subject to prescreening and qualification.

All costs above are one-time. Depending on the institution, the time-frame to establish such a relationship can be one (1) week (minimum) to twelve (12) weeks. On average it takes about five (5) weeks to go live.

For the UK, if you are in the process of having your application filed, we can assist you to become a bonafide agent of our solution provider so you can carry on without the wait.

Regulatory Coverage Pricing by the Solution Provider depends on a host of factors. Your risk profile, the transaction set, territories where you want to do cross-border payments with (if applicable), the flow of funds, etc. Once a regulatory and payout coverage profile is assembled, then the term sheets can be obtained.

The greater the access from a single API, the more expensive it is – pretty much matches credit card rates (~2.9%). Just keep that in mind.

Smaller Coverage AreaConsulting Fees
Less than 10 States (not including NY, TX, CA)*US$10,000
Less than 10 States, including any one or more of: NY, TX, CA*US$12,500

*Refundable. Please read about our refund policy. Learn more about application assessment fees, our general terms & conditions, and why we request your personal KYC information. Please also consult the prohibited list of products & services.

All of the coverages are for online only. Authorized delegate status (or agent) status is not awarded. Physical point of presence for a business &/or signed up agent is not permitted.

Authorized Delegate charges are as follows. This includes physical point of presence.

DescriptionConsulting Fees
Single State (not including NY, TX, CA)*100% additional to regular charges.
Less than 10 States (not including NY, TX, CA)*100% additional to regular charges.
Less than 10 States, including any one or more of: NY, TX, CA*150% additional to regular charges.
Nationwide*150% additional to regular charges.

*Refundable. Please read about our refund policy. Learn more about application assessment fees, our general terms & conditions, and why we request your personal KYC information. Please also consult the prohibited list of products & services.

The following are rates for domestic payouts only (regulatory coverage to sign-up customers is not provided for), however, the transaction is given cover by a local MSB/MTO.

DescriptionConsulting Fees
United States (ACH Payout)*US$7,500
United States (ACH + FedWire)*US$9,000
UK/EU*€8,000
China, South Korea, and Japan*US$15,000

*Refundable. Please read about our refund policy. Learn more about application assessment fees, our general terms & conditions, and why we request your personal KYC information. Please also consult the prohibited list of products & services.

Typically, you will pay US$ 20,000 for major US Coverage. All other territories are priced between US$ 15,000 to US$ 28,000, depending on what it is. For example, you want, multi-rails, 40 State MTL (money transmitter license) coverage in the US, for ACH inbound (i.e. sign-up customers and have access to payment rails), this is about US$ 20,000 + US$ 8,000 for a total of US$ 28,000. If you want, for example, a US Bank to offer the ability to take multiple clients from around the world, that is not being allowed at present due to the BSA (Bank Secrecy Act) and Patriot Act, where now any account being opened for someone else, that person must be physically present for KYC in the United States in front of the signing officer.

Getting master accounts for sub-FBO accounts is possible, but then again, you have to structure it as such, that the banks will allow the sub-accounts.

So, typically expect to pay US$ 20,000/geography per setup (setup = whatever payment rails the provider is providing. If the provider is providing ACH, debit, and credit, that is all part of one setup. If the provider is providing ACH only and you want Debit/Credit too, then we have to involve an external party and the price point changes – we cap this change to a maximum of US$ 8,000).

Be cognizant that each country comes with its own set of payment rails. By merely having access to the rails does not necessarily mean you can legally pick up transactions (or disburse) transactions in that specific geography.

Example: You might have access to payment rails in New York State, but that does not grant you permission to sign up a customer or take their money from NY, just because you can do so. You must have the legal cover to do so as well. Legal cover means, either you must be licensed or have someone else’s license offered to you.

For cross-border (remittances), please assume all coverage is limited to five (5) beneficiary (payout) countries only. It is up to the solution provider (license holder/sponsor) to unilaterally lift this restriction.

There are no discounts or group discounts on license coverage consulting fees.

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