Check the FCA Authorisation of your FX Transfer Company

Make sure you're making a safe and informed choice with your next international money transfer.

Updated

It’s important to make sure the firm you deal with has all the correct paperwork. If not, you could risk losing money when sending or receiving funds from abroad.

What is the FCA?

The FCA – Financial Conduct Authority – is the regulator for financial services firms and financial markets in the UK, currently dealing with over 56,000 firms. They work to ensure that consumers are protected, amongst other objectives such as protecting financial markets and promoting competition in the interests of consumers.

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Is my money safe?

All UK-based firms dealing with international money transfers need to be either authorised or registered by the FCA. This gives your money a degree of protection, though this varies depending on whether the company is FCA authorised or registered.

What is the difference between FCA authorised and FCA registered?

Though it may not be obvious, there is a clear difference between being FCA authorised or FCA registered.

  • Being FCA Authorised means there are certain safeguards on your money, but you are not covered by the Financial Services Compensation Scheme (FSCS). This means that if the firm you use fails and can’t pay, you’re unlikely to get your money back. However, firms authorised by the FCA need to safeguard your money by keeping it separate from company funds, so if a firm goes bust, you’re more likely to get your money back.
  • Being FCA registered is a much weaker level of protection for you, the consumer. To be FCA registered, the firm only needs to show the FCA that it is based in the UK and that none of its managers have been convicted of financial crimes. They may also choose to safeguard your money by placing it separate to company funds, but are not obliged to do so by law.

How do I check if a firm is authorised or registered with the FCA?

The FCA keeps a list of all the registered and authorised firms in the UK – you can search for a firm here.

If the firm you’re looking for isn’t on the register, that doesn’t necessarily mean it’s operating illegally – they may just be based elsewhere. Have a look at their papers or look for any information on their website to find out where they’re based. If are based in the EU, you can check their authorisation by contacting the consumer helpline on 0845 606 1234.

However, if a firm isn’t registered with the FCA or an EU regulator, it’s probably best to avoid them, as they may be operating illegally.

Compare money transfer providers

Check rates from a variety of providers below to ensure you get the best deal.

Table: sorted by a combination of service offering and the amount your recipient will receive

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 2,000 1 day GBP 0.00 1.107 EUR
5,535
TorFX guarantee to beat any competitor's exchange rate for a transaction (conditions apply)
(Conditions apply)
Go to site Show details
GBP 5,000 Same day GBP 0.00 1.107 EUR
5,535
Universal Partners FX offers competitive exchange rates and same-day transfers for 100+ currencies. Go to site Show details
GBP 2,500 Same day GBP 0.00 1.107 EUR
5,535
Central FX’s dedicated private client team will guide you through the money transfer process from first call to final payment. Go to site Show details
GBP 1 1 - 2 days GBP 0.00 1.112 EUR
5,562
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 3,000 1 day GBP 0.00 1.107 EUR
5,535
Get no fees as a Finder customer when you transfer your money overseas with Global Reach. Go to site Show details
GBP 5,000 1 day GBP 0.00 1.112 EUR
5,560
Take advantage of fee lock-ins and live bookable rates, helping you save up to 85% in hidden bank fees. Go to site Show details
GBP 1,000 Same day GBP 0.00 1.107 EUR
5,535
Clear Capital specialises in sending 150+ currencies abroad for individuals and businesses, with a dedicated account manager to help you. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.107 EUR
5,535
Make transferring money abroad as simple and safe as possible with bank-beating exchange rates - online, via the app or over the phone. Go to site Show details
GBP 2,500 1 day GBP 0.00 1.107 EUR
5,535
With 17 years of foreign exchange expertise, OFX know the money transfers business very well, offering facilities for one-off and recurring transfers. Go to site Show details
GBP 1,000 1 - 2 days GBP 0.00 1.107 EUR
5,535
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.104 EUR
5,516
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 5 2 days EUR 3.00 1.113 EUR
5,563
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 10 Within an hour GBP 2.00 1.112 EUR
5,559
First two transfers free for new customers.
Instant or 1 hour transfers to over 50 countries, send money directly to bank accounts or over 280,000 cash pickup points.
Go to site Show details
GBP 50 Same day GBP 2.99 1.107 EUR
5,532
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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2 Responses

  1. Default Gravatar
    MikeFebruary 21, 2019

    Is Worldwide Currencies authorised with the FCA?

    • Avatarfinder Customer Care
      CharisseFebruary 22, 2019Staff

      Hi Mike,

      Thanks for reaching out to Finder.

      Yes, Worldwide Currencies Limited is fully authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (registration 525361) for the provision of payment services.

      You can find this information on their website, under ‘Security’ tab/page.

      I hope this helps.

      Cheers,
      Charisse

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