jcsike

ive been curious about this, for instance paypal has to be licensed as a money transmitter in most states

are these companies licensed at all in any state, let alone what paypal has to go through.

and if they are not, is there a reason they can skirt this and paypal cant? arent they doing the same things?

https://www.paypal-media.com/state_licenses.cfm

Jurisdiction Regulatory Agency Statute
Alabama Alabama Securities Commission Sale of Checks Act
Alaska Alaska Department of Commerce, Community, and Economic Development Alaska Money Services Act
Arizona Arizona State Banking Department Transmitters of Money Act
Arkansas Arkansas Securities Department Uniform Money Services Act
California California Department of Financial Institutions Transmission of Money Abroad Law
Colorado Colorado State Banking Commissioner Money Order Act
Connecticut Connecticut Department of Banking Money Order and Travelers Check Licensees Act
Delaware Delaware Office of the State Bank Commissioner The Sale of Checks Act
District of Columbia District of Columbia Department of Consumer and Regulatory Affairs Money Transmitter Law
Florida Florida Office of the Controller Money Transmitters Code
Hawaii Hawaii Division of Financial Institutions Money Transmitters Act
Idaho Idaho Department of Finance Money Transmitters Act
Illinois Illinois Department of Financial Institutions Transmitters of Money Act
Iowa Iowa Division of Banking Money Services Act
Kansas Kansas Division of Banking Money Transmitters Act
Kentucky Office of Financial Institutions Kentucky Money Transmitters Act of 2006
Louisiana Louisiana Office of Financial Institutions Sale of Checks and Money Transmission Act
Maine Maine Office of Consumer and Credit Regulation Money Transmitters Act
Maryland Maryland State Bank Commissioner Maryland Money Transmitters Act
Massachusetts Commonwealth of Massachusetts - Division of Banks and Loan Agencies Foreign Transmittal Agency
Michigan Michigan Office of Financial and Insurance Regulation Money Transmission Services Act
Minnesota Minnesota Department of Commerce Money Transmitters Act
Mississippi Department of Banking and Consumer Finance Sale of Checks Act
Nebraska Nebraska Department of Banking and Finance Sale of Checks Act
New Hampshire New Hampshire Banking Department Money Transmission Act
New Jersey New Jersey Department of Banking and Insurance Money Transmitters Act
North Carolina North Carolina Banking Commission Money Transmitters Act
North Dakota North Dakota Department of Financial Institutions Money Transmitters Act
Ohio Ohio Department of Commerce Transmitters of Money Law
Oklahoma Oklahoma Banking Department Oklahoma Financial Transactions Reporting Act
Oregon Oregon Department of Insurance and Finance Money Transmitters Act
Pennsylvania Pennsylvania Department of Banking Licensing Business of Transmitting Money or Credit Act
Puerto Rico Puerto Rico Bureau of Financial Institutions Laws to Regulate the Business of Money Transfers
South Dakota South Dakota Division of Banking Money Order Business
Tennessee Department of Financial Institutions Tennessee Money Transmitter Act of 1994
** Texas Texas Department of Banking Money Services Business Statute
Utah Utah Department of Financial Institutions Check Cashing Registration Act
Vermont Vermont Department of Banking, Insurance, Securities and Health Care Administration Money Services Act
Virginia Virginia Bureau of Financial Institutions Money Order Sales and Money Transmission Services
Washington Washington Department of Financial Institutions Uniform Money Services Act
West Virginia West Virginia Division of Banking Issuance and Sale of Checks, Drafts and Money Orders Act
Wyoming Wyoming Department of Audit - Division of Banking Wyoming Money Transmitter Act

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Chris

Paxum is - http://www10.fintrac-canafe.gc.ca/ms...earch-eng.html search paxum

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JFK

Woohooooooo

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dantes

go for paxum

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count of monte cristo

thats in canada, you guys have US clients right?

are you not a US licensed money transmitter?

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fatfoo

Paypal seems trustworthy. I don't like Paypal's reversible payments feature, though.

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Chris

We do not currently have offices based in the united states so we can not get one. Once we do have offices within the united states we will have the appropriate license.

Chris

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Stephen

Legitimate banking institutions have rules in place designed to protect consumers (consumers = you and me). Folks that use excuses to skirt the rules ("oh, we're just a computer services firm, and we're based in Zimbabwe where there are no laws governing our business...") are not the folks you want to trust with your money.

Me, I want to deal with banks and regulated agencies. Many folks in this biz, however, seem more than willing to trust strangers on the other side of the planet with their livelihoods -- and you get what you deserve for doing so... Not commenting on any company in particular, merely stating that if you use non-banks for banking purposes (which includes money transfers), then you should simply send your cash to me.

Fat Panda

paxum and payoneer are no different then epassporte... you're money is 100% at risk and there is nothing stopping these companies from fucking you if they'd like...take the risk if you want....happy holidays

fuzebox

Yet another thread full of americans with 9-5 salaries wondering why self employed people who live in other countries need ways of transferring money quickly and affordably.

Twoface31

what are the importance of license to you, the point is if they can send you the money throuh their atm that mean they have a license to operate legally.......

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count of monte cristo

you have got to be kidding me

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SmokeyTheBear

paypal has clients in north korea , but they don't have a money transmitter license in north korea ( ok i'm guessing , but you get my point )

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jcsike

if they are located in the us, they have to follow US laws or they can get shut down?

are any of them located in the US, other than paxum, who is in canada?

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Talia_Payoneer

Payoneer is not a money transmitter in the US. We do not touch the funds. All accounts are bank-owned. In the U.S. we are registered as a Money Service Business with MasterCard.

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Director of Community at Payoneer
Email [email protected]
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