- How safe is my money?
- What security measures do you put in place?
- What are the costs and charges of using your service?
- How do you make your money?
- What rate will I receive?
- What is the smallest amount I can trade?
- How do I send my funds to you?
- Who do I send my funds to?
- How long does it take to send my funds overseas?
How safe is my money?
SATFX is authorised by the Financial Conduct Authority (FRN 591774) for the provision of payment services and licensed and regulated by HMRC as a Money Service Business (MSB) License Number 12251701.
We understand that sending large amounts of money overseas can be daunting and we want you to feel confident and happy with every aspect of the process. As a result, we protect your funds by holding them in segregated client accounts which are is specifically used to process all client funds until we receive written confirmation from you indicating where you want your funds to be transferred.
What security measures do you put in place?
- FCA Authorised Payment Institution (No. 591774)
- HRMC regulated Money Service Business (No. 12251701)
- Registered with the Information Commissioner’s Office ( No. Z9637388)
What does it mean in practice?
Under the Payment Services Regulations (PSR’s) 2009 SATFX is required to safeguard client funds received held at the close of business (this is clause 19 of the PSR’s). We do this by holding ALL client funds in segregated client accounts with Metro Bank Plc. The segregated client accounts hold only client funds and are not mixed with any company funds. It means, should we go into liquidation, all client funds are clearly identified and returned to clients before other business creditors are dealt with.
In addition, we do not speculate on the currency markets. We simply provide deliverable foreign exchange so we will never expose ourselves to the volatility of the currency markets. We do not run any positions following client trades but simply book trades back-to-back which is how our trading platform works.
We protect ourselves as well but thorough vetting our customers before they are able to trade. This is in accordance with HMRC anti-money laundering regulations and our own compliance policy and requires us to identify all customers prior to dealing with them. This is important not only to comply with the law, but to ensure we do not work with unscrupulous businesses or customer clients that could threaten the business and our other customers.
Finally, we were established in 2006, we have over 1000 private clients and approx 400 corporate clients and have completed in excess of 3000 payments and traded in excess of £65,000,000 so far this year.
How do you make your money?
We make our money within the rate of exchange so the rate of exchange you receive includes our costs and profit for completing the deal. Due to the volume of currency we trade, we are able to access interbank rates of exchange which we pass on to you, saving you money compared to your bank.
What rate will I receive?
The rate you receive will depend on the amount being transferred and the date you want the funds to arrive. The rates on our website and included in our daily market updates are “mid-prices” interbank rates that banks buy and sell from one another. Mid-price means they are the difference between the buy and sell price and it is our aim to get you as close as possible to the mid-price when you trade.
How do I send my funds to you?
Once you have agreed a trade with us you will receive the bank details for our client account so you can transfer funds to us is via an online bank transfer. This is the most common way to send us funds however; you can also send funds directly to our accounts from your nearest bank’s branch. Alternatively, you can send funds via a cheque however we cannot agree a trade until your funds have cleared in our accounts which takes 5 working days.
How long does it take to send my funds overseas?
We send all client funds out on a same-day basis however funds may not be received by your bank on the same-day due to time differences. If you are sending Euro’s, US Dollars, Sterling and Canadian Dollars your funds will be cleared in your account on the value date of the trade; all other currencies are received on the next working day.