Security of funds

Security of funds

Questions to ask your foreign exchange provider & ways you can protect yourself online

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It is important to choose a trustworthy and reliable foreign exchange specialist

The security of your funds is one of the most important aspects to consider when choosing your payments provider, which is why we’ve put together a Q&A on how we safeguard your funds as well as some safety tips for you online. Together, let’s take care of your money. 

The top four questions you should be asking your foreign exchange provider are...

1. Are my funds held in segregated client accounts? 

As an Authorised Payment Institution, we are required to safeguard customer funds held overnight (or longer) into segregated client accounts provided such funds are held in respect of a payment service. Any client who opens an account with TTT Moneycorp Limited and uses their service to make payments will have all their relevant funds safeguarded in line with the Payment Services Regulations. Why is this important? This means that client safeguarded funds are not mixed or co-mingled with our own funds.   

2. What does your foreign currency provider do with any margin provided by a customer?

Many firms use the margin provided by customers as security for forward contracts to fulfil their own margin requirements with their counterparty banks.  Effectively this means they are using your money to secure their liabilities. We only ever secure positions with our banking counterparties with our own funds meaning all margin payments paid to moneycorp are held in client designated accounts separate from our own funds. 

3. Does your provider audit their client safeguarding arrangement?

We have external audits to ensure we are managing and holding our client funds to the appropriate standards set by Payment Services Regulations. 

4. Has your international payment provider been subject to any regulatory, investigations or legal sanctions?

moneycorp has not had any listed above. Firms should be open and honest with you about any ongoing or previous issues they have had. This will allow you to make an informed choice about who to use as your provider which is more important than ever during these turbulent times.  


Tips on staying secure

There are certain things that you can do to ensure the security of your moneycorp account. Here are some tips we have also pulled together on how you can protect your moneycorp account: 

Always check bank details for beneficiaries – if emails have been compromised, you could be sending your money to an identity thief.

Always enter our web address straight into your browser’s address bar. Do not use links from emails or any other sites that you do not trust.

One of the primary methods moneycorp will use to contact you is email. As a result, it is important you have the utmost faith in the communications you receive from us. Whilst the suggestions below should help you identify fake emails, remember that if you have any doubt a message isn’t legitimate, do not reply, don’t click on any attachments, and phone us at your earliest convenience, so we can provide assistance.

Scammers often try to mimic financial institutions. Please look out for giveaways such as illogical content, a suspicious sender, a false sense of urgency, and poor spelling and grammar. Never reply to an email that asks for your username or password, as they will try to use this information to take over your account. We would not ask you for your password.

Never accept third party banking details or changes to payment instructions from suppliers or business partners by email only. Always re-confirm the information by phone using a known telephone number for that company or individual or in person.

Treat any “urgent” payment requests by email from the CEO or a senior manager in your company with caution. To be absolutely sure, verbal contact should always be made with the person sending the email to confirm the payment, using a known contact number from your internal records.

Importantly, do your research on an international payment provider you are considering. Look into whether they’ve been subject to any regulatory, investigations or legal sanctions – moneycorp has not has any of the listed above. Firms should be open and honest with you about any ongoing or previous issues they have had. This will allow you to make an informed choice about who to use as your provider, which is more important than ever during these turbulent times. 

Additional security tips for your computer and mobile device can be found here.


For more information, visit our FAQ’s or please get in touch by emailing 

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