“What are your consulting charges for Remittance-as-a-Service (or RaaS)?” – This is perhaps the most asked question – so here is the answer.
Hello. My name is Faisal Khan. I am a banking and a payment consultant.
A question that comes on my calls or emails usually is how much do I charge for putting together something called remittance as a service or RaaS.
Well, it depends. Which country you’re going for, which originating country you’re going for, for where you’re seeking coverage, what sort of coverage you are seeking etc. Suffice to say my starting price is $20,000 U.S. per territory. So, that’s the very minimum you will have to pay. Depends how many beneficiary countries you want, and how many origination territories you want, and what sort of an arrangement you’re looking for. Are you looking for card coverage, you’re looking for ACH plus card, are you looking at you know APIs, complex APIs.
It depends on what, what the ask is, but typically it starts at $20,000. Caps are at about 45 ($45,000) but no more than that. So, between $20,000 – $45,000 is what I charge for setting up an arrangement, whereby you can get regulatory coverage in the United States, Canada, UK, Europe, Australia and New Zealand and a few other countries for purposes of money transmission. This could be B2B, B2C, B2B2C and combinations thereof.
So that’s the question and the answer is between $20,000 and $45,000. Till next time, have a good one.