WeSwap operates differently from a bank and as such is not subject to FCA approval. Here’s some more information:
- All customer funds are held as customer funds by IDT Finance - a fully regulated EU bank - in accounts held at several international banks. WeSwap does not have access to these funds.
- IDT Finance monitors all accounts and transactions to safeguard and protect these funds.
- No customer can swap on credit, their funds are always already in the WeSwap system.
- The card is specially designed for electronic use only, reducing the risk of fraud.
If WeSwap does go bankrupt your money will be safe as IDT Finance will have your funds and will return them to you. As IDT is a regulated bank if anything should happen to them their debts (money owed to customers) will be handed to an independent administrator who will reallocate any funds back to their rightful owners.
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