INTERNET MONEY DELIVERY PROVIDERS

Due Diligence assistance providers in U.S.:

  • US Federal Trade Commission (FTC): commerce investigator as a detective of commerce
  • US Consumer Financial Protection Bureau (CFPB): financial service supervisor for large banks
  • US Financial Crimes Enforcement Network (FinCen): money transmission monitor
  • US Federal Deposit Insurance Corporation (FDIC): requisite deposit insurance for banks
  • Nationwide MultiState Licensing System (NMLS): DB of registrations for money transmitters

List filtered by:

  • Accessibility: ease of use and ease of problem resolution
  • Market share: sufficient market presence with credible consumer base
  • Assurance: verifiability of existence and identity with registration and licensing
  • Insurance: protection of any money banked as a balance under its Supreme Government

The List: local and federal money transmitter registrations and FDIC coverage for deposits in U.S.

  1. Remitly (US): US'WA, FinCen (Yes), NMLS DB (Yes), FDIC (N/A)
  2. Wise (UK)
    dba Wise US Inc: US'NY, FinCen (Yes), NMLS (Yes), FDIC (Yes)
  3. Revolut Ltd. (UK)
    dba Revolut Technologies Inc.: US'NY, FinCen (No), NMLS (Yes), FDIC (Yes)
    deposit for checking and prepaid is banked at Metropolitan Commercial Bank (US'NY) and
    deposit for saving is banked at Sutton Bank (US'OH)
  4. XE (CA) of Euronet (US'KS)
    dba XE USA via Dandelion Payments Inc.: US'CA, FinCen (Yes), NMLS (Yes), FDIC (N/A)
  5. Ria (US'CA) of Euronet (US'KS)
    dba Ria via Dandelion Payments Inc.: US'CA, FinCen (Yes), NMLS (Yes), FDIC (N/A)
  6. OFX (AU)
    dba OFX via USForex Inc.: US'CA, FinCen (Yes), NMLS (Yes), FDIC (No)
  7. MoneyGram Payment Systems Inc. (US): US'MN, FinCen (Yes), NMLS (Yes), FDIC (N/A)
  8. Western Union Financial Services, Inc. (TR)
    dba Western Union International Services, LLC (US): US'CO, FinCen (Yes), NMLS (Yes), FDIC (N/A)

PayPal Inc (US'CA), and every brand under the company including Xoom and Braintree, has been purposefully excluded since the company has a list of too many lawsuits and complaints that involved various organizations from US Federal Trade Commission (FTC) to US Consumer Financial Protection Bureau (CFPB) by which they were not found innocent regarding claims associated with its attempt to circumvent responsibilities and accountabilities as a financial service vendor.

WorldRemit Corp (UK), and every brand under the company including Chime Inc. and SendWave, has been purposefully excluded since the company has a recent history of "illegally cheating people on international money transfers" with its wholly owned subsidiary, Chime Inc, as the company "illegally required consumers to waive their rights and protections" and as it "deceived consumers about costs and speed of international remittance transfers" according to US CFPB in its article.

Melio Payments Inc. (US'NY), aka Melio Solutions Inc., has been purposefully excluded since the NMLS registration number, 2376858, does not produce a matching profile on NMLS DB.