BANK ACCOUNTS FOR THE REMITTANCE SECTOR
Cash Collections. Online Transfers. Card Payments.
Competitive FX Rates. Low Fees.
Money Services Businesses (MSBs) and Financial Institutions (FIs) that provide remittance services have been neglected by banks. Funds sent home support families and communities in many developing and emerging countries around the world yet without a bank, remittance companies lose the ability to serve their customers.
This is why over the last two years we have worked hard to develop SAT Remit, our bespoke solution for the remittance sector designed to help MSBs and FIs deliver their important service to clients.
SATFX began engaging with MSBs and FIs in this sector for the last couple of years, understanding their frustrations and issues which has led to the creation of a regulated, secure and comprehensive banking, FX and payments platform that provides the infrastructure required so MSBs and FIs can focus on their business and their customers.
Since Banks began withdrawing from the sector in 2013, remittance companies have faced big major challenges and battled reluctant partners in order just to stay in business. SATFX can offer UK and EU based client segregated bank accounts in the name of your remittance company providing you with the foundation to build and grow your remittance flows.
As the bank accounts we provide are in the name of your institution, they can be linked to your card acquirer and funds can be collected on a daily basis.
SATFX has partnered with a global cash collection organisation who can collect funds from your premises on a daily basis throughout the UK and Europe and settle next business day.
If your customers send funds via online banking or bank app they can be routed directly into your named bank account for onward remittance.
Competitive FX Rate
We understand how competitive the remittance sector is, so we provide real-time rates close to the mid-market price based on your monthly flows, enabling you to be competitive and provide the best possible rate to your customers.
You will have complete visibility of all your accounts via one single user interface where you will see live balances across all your accounts, download statements, manage beneficiary bank accounts and instruct FX trades and payments.
Regulation and Compliance
Live screening via API integration, transaction sampling and site visits are all part of our initial and ongoing AML and KYC controls which we do in support of our MSB and FI customers. We believe in working together when it comes to compliance and sharing best practices and technologies with you.
We aim to make the onboarding as simple and efficient as possible with our process aligned with that of our cash collection partner meaning most of onboarding can be completed during a site visit to your premises. From there, our goal is to have you set-up and ready to go within 3 weeks.
TELL US ABOUT YOUR BUSINESS
No fees, no costs...
...no minimum transfer amount for private and corporate clients
Stringent security settings
We named our company after it; S (secure) A (accurate) T (timely) Foreign Xchange. Client funds are held in segregated client bank accounts. Authorised by the Financial Conduct Authority (FRN 591774) and licensed and regulated by HMRC as a Money Services Business License Number 12251701. Monthly bank audits. Comprehensive compliance procedure
Personal account manager assigned as standard
We believe continuity results in efficiency
Free no obligation trade analysis
For all new corporate clients! Identify how we can save you money and agree transparent spreads before trading
Free phone/ email user support
For all SATFX trading platforms (Mon – Fri 9am – 5.30pm) plus free training should you/ your team require it
We pay any onward fees to transfer outstanding funds held with SATFX
If we don’t deliver on requirements and you decide to complete your currency transfer elsewhere
Receive our ‘small team’ customer service ethos
A personable approach described by clients as ‘a unique service rarely found in a profit motivated world’.
We keep it simple. Tell us if we bombard you with jargon and we donate £5 to the charity – lendwithcare.org