From verifying your identity and confirming your payment instructions to processing your currency exchange and delivering funds to your beneficiary, appropriate checks and protections are applied throughout the transfer process.
Trusted Abroad Exchange supports you throughout your international payment journey.
The regulated foreign exchange and payment services are provided by ScioPay Ltd.
ScioPay Ltd is:
Trusted Abroad Exchange is not a bank and does not independently receive or safeguard customer funds. The receipt, conversion and onward payment of customer money are carried out through ScioPay’s regulated payment infrastructure.
Our team is here to help you:
You will have a clear point of contact and straightforward guidance throughout the process.
Safeguarding is designed to keep relevant customer money protected from the payment provider’s own operating funds.
Depending on the safeguarding method used, relevant funds may be:
These arrangements are intended to support the return of relevant customer funds if the regulated payment provider becomes insolvent.
Safeguarding generally applies once the regulated payment provider receives eligible customer funds.
It continues while those funds are held as part of the regulated payment process.
The safeguarding obligation ends when the funds have been paid to the intended beneficiary or otherwise cease to qualify as relevant safeguarded funds.
This means that once the money has reached the beneficiary’s account, it is no longer held or safeguarded by the payment provider.
Payment institutions are not banks, and money handled as part of a payment service is not generally protected in the same way as money deposited into a personal bank account.
Safeguarding is instead a regulatory mechanism designed to separate and protect relevant customer funds.
If a payment institution becomes insolvent, safeguarding arrangements are intended to help return eligible customer money. However:
We believe it is important that customers understand this distinction before making an international payment.
These checks help the regulated payment provider meet its legal and regulatory responsibilities and reduce the risk of fraud, financial crime and unauthorised activity.
Depending on your transfer, you may be asked to provide:
Requests for additional information do not necessarily mean there is a problem with your transfer. They are part of the checks payment providers may be required to complete.
You will be asked to review and confirm important transaction details before funds are sent.
These may include:
You should check all beneficiary information carefully. Incorrect account details can delay a payment and may make funds difficult to recover after they have been sent.
Transactions may be reviewed for unusual or potentially suspicious activity.
In some circumstances, additional checks may be required before a transfer can proceed. This can occasionally cause a delay, but these checks help protect customers and support compliance with financial crime regulations.
Personal and financial information should only be collected and used when it is needed to provide services, complete regulatory checks, manage your account or meet legal obligations.
Access to customer information should be limited to authorised parties who need it for a legitimate business, compliance or payment-processing purpose.
For more information about how your personal information is collected, used and shared, please read our Privacy Policy.
Be especially cautious if you receive an unexpected request to change beneficiary or bank account details.
Fraudsters may impersonate:
Confirm any change using a trusted telephone number or contact method that you have used before. Do not rely only on the contact details contained in the message requesting the change.
Fraudulent messages often attempt to create pressure by claiming that a transfer must be completed immediately.
Pause and verify the request if someone:
Do not proceed with a transfer if you are uncertain about the instructions you have received.
Contact us directly using the details published on our website. We would rather help you check a payment than have you send funds while something feels unclear.
A payment may be delayed or require additional information because of:
Exchange rates can also move. The amount of currency you receive will depend on the rate agreed when your transaction is confirmed.
We will explain the process and provide available information about your transaction, but we cannot guarantee that every payment will arrive within a particular timeframe unless this has been expressly confirmed as part of the service.
ScioPay Ltd is a company incorporated in England and Wales under company number 12352935. ScioPay Ltd is authorised by the Financial Conduct Authority as an Authorised Payment Institution under Firm Reference Number 927951 and is registered with HM Revenue & Customs as a Money Service Business under registration number XCML00000151326.
Trusted Abroad Exchange is not a bank. Safeguarding is not the same as protection under the Financial Services Compensation Scheme.
The availability of particular services, products and protections may depend on your customer status, location, transaction and the terms that apply to the regulated service.
Please review the applicable terms and conditions before entering into a transaction.
