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.
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. These include the Financial Conduct Authority (FCA) in the UK, the Bank of Lithuania, EU regulations, and authorities in every country around the world that we operate in.