01 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)
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 specifically used to process all client funds until we receive written confirmation from you indicating where you want your funds to be transferred.
02 What security measures do you put in place?
- FCA Authorised Payment Institution (No. 591774)
- HRMC regulated Money Service Business
- Registered with the Information Commissioner’s Office ( No. Z9637388)
What does it mean in practice?
Under the Payment Services Regulations (PSR’s) 2017 SATFX is required to safeguard client funds received held at the close of business. 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 by thoroughly 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 private 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.
03 What are the costs and charges of using your service?
There are no costs, no charges and no commission when using SATFX to buy or sell foreign currency.
04 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, saving you money compared to your bank.
05 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.
06 What is the smallest amount I can trade?
There is no minimum amount however; the more you trade the more you will save.
07 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 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.
08 Who do I send my funds to?
You send your funds to our segregated clients account held with Metro Bank Plc.
09 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.