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 requirements.
As TransferGo is a digital payment service provider and not a bank, funds held with us are not protected by the Financial Services Compensation Scheme.
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 £120,000 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.