Security of Funds
Banq Global has partnered with leading global financial institutions known as Electronic Money Institutions (EMI) and Authorised Payment Institutions that operate under the Payment Services Regulations and are supervised by the FCA. Your money is always held with our financial partners and is safe at all times through a process called safeguarding. Here’s what a safeguard account is, how it is used, and how it protects your funds.
How Your Money is Protected
Banq Global and our financial partners ensure the protection of your money through an FCA-regulated process called safeguarding.
What Safeguarding Means
Your money is held in specially designated safeguarded bank accounts at reputable tier 1 banks only, separate from all other funds at the bank and the operating accounts of the regulated institutions. These accounts are solely used to safeguard customer funds, and no one other than the regulated institutions we work with has any interest or right over the funds in the account. This way, if anything were to happen to us or our financial partners, your funds would be safe.
Rules of a Safeguarded Account
- The account is named in such a way that shows it is a safeguarded account.
- It is not used to hold any other funds, other than those of customers.
- No one other than the regulated institution has any interest in or right over the funds in the account.
- The safeguarding account is held at a UK or EEA Authorised Credit Institution.
- A letter has been provided by the bank confirming the safeguarding status of the account.
- Our partners only stop safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.
With safeguarding, you can be rest assured that your funds are protected, providing you with security and peace of mind.
At Banq Global, your financial security is our utmost priority, ensuring that your money is always safe and secure, so that you can focus on what’s important: growing your business.
