Safeguarding

How Can I Be Sure My Money is Safe with TransferMate?

TransferMate, meaning the entities located here, is a group of regulated payment institutions authorised by multiple state and national regulators worldwide. Where TransferMate takes possession of your funds, you can be assured that we do so in a regulated capacity, and as such while your money is not protected under financial protection schemes used by banks like the Deposit Guarantee Scheme, the Financial Services Compensation Scheme or the Federal Deposit Insurance Scheme, TransferMate shall ensure that your funds are protected by ensuing that your funds are.

• Held in a segregated client account and therefore unaffected by TransferMate’s operational activities (our own funds are separated from your funds).
• Always liquid (meaning not converted to bonds or fixed term products) and never loaned out or used as security.
• Periodically audited by regulators and external auditors alike.

How does TransferMate keep my money safe?

When you provide funds to TransferMate, these funds enter a client account separate from TransferMate’s operational funds. Once Transfermate receives an order to send the funds to a nominated recipient, the funds leave this client account and are sent to the recipient.

To further protect your funds, in the event that some or all of the funds are not delivered to the nominated recipient by the end of the next business day after receipt, Transfermate shall hold these funds in a client account designated by the credit institution (e.g., AIB, Barclays Bank PLC and Barclays Bank Ireland PLC).

Please Note: In the US the concept of client accounts are not recognised in the same manner as they are in many other jurisdictions. Nevertheless TransferMate has received letters from our American banks confirming that the accounts into which client funds are paid are segregated from the operational accounts of TransferMate. Furthermore, we are required under State licensing to maintain Surety Bonds which ensures that funds held in our American banks are protected in the event of TransferMate’s insolvency.

What happens if TransferMate or one of our banks runs into financial difficulty?

In the unlikely event that TransferMate runs into financial difficulty, your funds will be protected. The Regulations ensure that in the event of insolvency liquidators, receivers, administrators, examiners or creditors of TransferMate have no right to funds held in client accounts. Thus, even in the event of liquidation your funds are still protected.

In the event that one of our banks were to go insolvent, TransferMate would, like any other bank customer, not necessarily be able to recoup all of the funds in our accounts. However to minimise this risk, TransferMate exercises particular care in selecting banks of the highest quality in each territory and conducts ongoing monitoring to ensure this risk remains as minimal as possible.