Safeguarding funds

Safeguarding of client funds

Smart Currency Exchange Limited will hold all client money in designated client safeguarded accounts in accordance with the PSR 2017 requirements definition of “relevant funds”.

This includes:

• Funds received for the execution or settlement of a money transfer or forward contract.
• Funds received by a third party or service provider on your behalf, for the execution or settlement of a money transfer or forward contract.

It does not include:

• Any profit made by Smart Currency Exchange Limited arising from the services provided for any transfer
• Funds received when there is no prior agreement or contract in place.
• Funds held as a deposit as part of an agreed transfer for later delivery.

If Smart Currency Exchange becomes the subject of an insolvency event of any kind, any funds held by us on your behalf are protected.

For more details of safeguarding procedures, please refer to the Smart Currency Exchange Limited Terms and Conditions.

US and EU customers:

For customers based in the US or EEA, payment services may be provided by The Currency Cloud Limited (Currencycloud), on behalf of Smart Currency Exchange Limited (SCEL). Please find more information here.

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.