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 protected, even if TransferGo becomes insolvent. In accordance with applicable regulations, TransferGo protects customer funds through an insurance policy provided by an authorised insurer and, where applicable, the segregation method.
This insurance policy is intended to cover amounts owed to customers in connection with the payment services we provide, in the event that TransferGo becomes insolvent. If such an event were to occur, customers may be able to make a claim under the insurance policy, subject to its terms, conditions, and coverage limits.
To the extent that customer funds exceed the coverage limits of this insurance policy, as agreed with our broker, we safeguard those funds using the segregation method. This means that these funds are held separately from our own funds with eligible credit institutions in accordance with regulatory requirement
Because TransferGo is not a bank, funds held with us are not protected by the Deposit Insurance Fund (DIF).
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.