How did large money transfers happen before banks and coinage?

Before banks per se, there weren’t any large transfers. Wealth or value was transferred either through property title deeds or goods being bartered. There wasn’t much of a need to do transfers of money (in those days money was gold, silver, and other precious metals, plus prized commodities). Unless of course one was looting everything […]

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Does a remittance service/app that help people to find hawaladars or others to exchange their money with, but does not take part in money transactions (exchange will be outside the service/app) need to be registered with the FCA or HMRC in the UK?

If you include a fee for registration and/or take a fee for enabling this transaction, then you would be required to register with the FCA / HMRC (IMHO) as you’ve just executed a function of an intermediary. There is a false sense that an intermediary has to have/channel the funds (i.e. touch the money) in […]

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