How do you protect my money?
To ensure your money is safe we follow a process known as ‘safeguarding’ which is a regulatory requirement for all Authorised Payment Institution (“APIs”). In this process we keep your money separate from our own money and place it in a safeguarding account with Crown Agents Bank. We have to have an independent expert check that we are meeting our safeguarding obligations every year and the expert’s report confirming this is available to the FCA on request.
In the event of us going out of business, an insolvency practitioner would be appointed to return the funds we have safeguarded to our customers. This means you would get most of your money back, except for the costs deducted by the insolvency practitioner for distributing the money to our customers.
How does FSCS cover differ from safeguarding?
FSCS protects consumers together with small businesses, limited companies and charities (that meet its eligibility criteria) when certain authorised financial services firms (such as a UK authorised bank) fail and they cannot return your money to you. FSCS is a service funded by those financial service firms who are covered by it. FSCS provides compensation only up to £85,000 per eligible person, per bank, building society or credit union or up to £170,000 for joint accounts. This means if you have money in multiple accounts with banks, building societies or credit unions that are part of the same group (and share a banking licence) the FSCS treats them as one bank.
Whereas all the funds held in a payment account are safeguarded and the full value (minus administrative costs applied by the insolvency practitioner) will be returned to you in the event that we go out of business. Because of the insolvency procedure, it may take longer (as compared to an FSCS claim) for your money to be returned to you. You can find more information about using a non-bank payment service provider on the FCA’s website. If you have any questions, please contact us.
For clients who are non UK residents:
Affiliate of CCBV
Payment services for Foreign Currency Partners Limited are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of a electronic-money institution (Relation Number: R142701)
Affiliate of TCCI
Payment services for Foreign Currency Partners Limited are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011.