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 FSCS?
The FSCS (Financial Service Compensation Scheme) protects customers who hold their money in UK banks, building societies and credit unions. If this type of company goes bust, the FSCS protects up to £85,000 of your money. Money you send with us isn’t covered by the FSCS, because we’re a digital payment service, not a bank. 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 Financial Conduct Authority (FCA) in the United Kingdom, EU regulations and authorities in every country around the world that we operate in.