Worldwide Currencies, as an authorised payment institution, is required to safeguard clients’ relevant funds and such funds for clients in the UK and the Rest of the World are segregated from the firm’s own funds in a safeguarding account at Barclays Bank PLC*. This differs for our clients based in the EU where funds are safeguarded by our FCA-regulated e-money partners at a credit institution.
When paying for a trade, all funds are internally segregated and held securely within a client account at one of our banking providers.
*Barclays Bank PLC does not monitor the funds we place into the safeguarding accounts, as a FCA Authorised Payment Institution it is our responsibility to segregate relevant client funds.
For United States End and EEA End customers:
When funds are posted to your account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called Currencycloud. In line with regulatory requirements, Currencycloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of Currencycloud’s, or our, insolvency. Currencycloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.