Its important that you undertake the following checks when choosing a currency specialist:
• How long have they been in business?
• Are they authorised by the Financial Services Authority (FSA) under the Payment Services Regulations 2009? Companies that are authorised by the FSA have had to meet strict capital adequacy and business practice rules, comply with Payment Services Regulations and the FSA’s Conduct of Business requirements.
• Are they registered with HM Customs as an overseas money service business?
• Do they hold your money in segregated client trust accounts? (your funds are held separately from company funds protecting it from creditors).
• Do they have audited accounts on their website and how strong is the company’s balance sheet?
• Do they have professional indemnity insurance protecting customers from staff fraud etc.
• How many staff do they have and what turnover? (Obviously a large established company is more reliable than two guys in a back room, though it’s no guarantee).
• Do they have direct access to SWIFT? SWIFT is the world’s largest payments and settlements network for domestic and international trades. Direct access ensures you, the client, benefit from faster payments and enhanced security.
• How long have they been in business?
• Are they authorised by the Financial Services Authority (FSA) under the Payment Services Regulations 2009? Companies that are authorised by the FSA have had to meet strict capital adequacy and business practice rules, comply with Payment Services Regulations and the FSA’s Conduct of Business requirements.
• Are they registered with HM Customs as an overseas money service business?
• Do they hold your money in segregated client trust accounts? (your funds are held separately from company funds protecting it from creditors).
• Do they have audited accounts on their website and how strong is the company’s balance sheet?
• Do they have professional indemnity insurance protecting customers from staff fraud etc.
• How many staff do they have and what turnover? (Obviously a large established company is more reliable than two guys in a back room, though it’s no guarantee).
• Do they have direct access to SWIFT? SWIFT is the world’s largest payments and settlements network for domestic and international trades. Direct access ensures you, the client, benefit from faster payments and enhanced security.
