How do you keep my money safe? (EU)

Alexandra C.
Alexandra C.
  • Updated

Is my money safe in my TransferGo account?

We’re not a bank, so we don’t take any risks with your money. 

This means we don’t need to use financial protection schemes to insure your money, like banks do. (These schemes usually only refund some of your money if your bank loses it, or goes bust.)

Instead, we protect all of your money through safeguarding.


What is safeguarding?

Safeguarding is a way of making sure your money is safe, even if TransferGo goes bust. It does this by legally obliging us to segregate your money from ours—which means we keep your money in separate accounts to the ones we use to run TransferGo. These segregated accounts are with a range of large banks that meet our and our regulator's requirements.

This means that if TransferGo should ever become insolvent, you would get all of your money back.

What about DIF?

The Deposit Insurance Fund (DIF) under the Law on Insurance of Deposits and Liabilities of Investors protects customers who hold their money with credit institutions. If these institutions go bust the DIF protects up to 100,000 Euro of your money. Money you send with us is not covered by the DIF as we are a digital payment service and not a credit institution. That’s why we use safeguarding to protect your money.

Who regulates TransferGo?

We're fully licensed and follow strict rules set by regulators whose purpose is to protect you, keep your money safe, and ensure we’re acting fairly. This includes the Bank of Lithuania, EU regulations, and authorities in every country around the world that we operate in.