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Is it safe to keep my funds in my Transfer Vault business account?

Ensuring your security is paramount to us at Transfer Vault. We prioritize your peace of mind whether you’re storing funds in our International Business Account or using it for international payments. Learn more about how we safeguard your money, the financial protection schemes we participate in, and our stringent regulatory framework.

What’s a Financial Protection Scheme?

Financial institutions like UK-authorised banks, building societies, and credit unions are required by law to participate in financial protection schemes such as the Financial Services Compensation Scheme (FSCS). These schemes ensure that customer deposits are protected in case a bank becomes insolvent and cannot repay its obligations. The FSCS provides compensation to eligible customers up to £85,000 or £170,000 for joint accounts.

As an E-Money Institution (EMI) regulated by the FCA, Transfer Vault operates differently. We do not lend out client deposits but instead safeguard your funds separately from our operational funds. This practice, known as safeguarding, ensures that your money remains protected even if something were to happen to Transfer Vault.

What is Safeguarding?

Safeguarding is a legal requirement for Payment Institutions and E-Money Issuers (PIs and EMIs) to protect client funds in the event of insolvency. At Transfer Vault, we hold all client funds in accounts that are distinct from our operational funds. This separation ensures that your funds are ring-fenced and available for return to you.

Where is My Money Held?

We distribute client funds across reputable financial institutions such as Raiffeisen Bank International Austria, Banking Circle, and Crown Agents Bank UK. This diversification minimizes risk by spreading funds across different entities. We regularly assess the creditworthiness of these institutions to maintain low-risk safeguarding arrangements. If necessary, we would change banks to uphold our commitment to safeguarding your funds.

Regulatory Oversight

Transfer Vault is rigorously regulated by:
  • The Financial Conduct Authority (FCA) in the United Kingdom,
  • The Dubai Financial Services Authority (DFSA) in Dubai,
  • The Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.

These regulatory bodies ensure that we adhere to strict standards of operation, transparency, and client protection. Our compliance with these regulations underscores our commitment to providing a secure and reliable financial service to our clients.

For any further questions about how we protect your funds or about your account, please reach out to your Client Manager or contact our dedicated global Sales team. We are here to provide you with the information and support you need.

Do you require any additional help?

Contact us to learn more about our services and receive assistance from our dedicated support team.
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