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Why customer verification is so important for TransferGo?

Is TransferGo a bank? No! TransferGo is far far better. In order to make a money transfer with us, you no longer need to waste your precious time by going to the bank branch, waiting in the long queues or paying stellar fees to transfer your earned money to the desired destination abroad.

Nevertheless, there are some similarities between TransferGo and any commercial bank. Just as any bank, we follow strict rules regarding your funds and personal data storage. We’re also a regulated licensed company, therefore, just as any other financial institution we have to stick to stern compliance rules, part of which require us to verify our customers by asking them to provide their identity documents.

Usually, when you go to a bank, the first thing you’re asked to do before any operation is to  provide your identity document. This is an inevitable procedure and is a part of the so called KYC policy (Know your customer). Know your customer is the process of a business verifying the identity of its customers. Banks and other financial institutions employ KYC in order to understand their customers better, also it’s an important part of their Anti Money Laundering processes.

It comes as no surprise that TransferGo being a financial regulated business also has to follow KYC procedures imposed by the regulators (HMRC and FCA) and is therefore obliged to perform customer verification by asking them to provide their identity documents. Identity verification is an important anti-fraud measure and is performed by any other legally acting financial business offering similar service.

It’s worth noting that here at TransferGo we only ask you to verify your identity once. You can do it by providing your passport, driving license or identity card. Please be aware that we’ll ask you to upload the document while making a booking for your second transfer or if your first transfer exceeds 700 GBP or the equivalent in other currency based on the exchange rate. If your first transfer doesn’t exceed 700 GBP or the equivalent in other currency, we’ll only ask you to fill in your TransferGo profile by providing your personal data, such as your full name and surname and date of birth.

Verifying your identity is crucial not only because it helps us to build mutual trust but this way we’re able to ensure the safety of your money. It’s one of the measures allowing us to prevent fraud in case someone is abusively using your debit card or has access to your e-banking and is illegally using your funds. It also allows us to prevent money laundering.

All the documents you provide us with, are kept within the terms of the Data Protection Act 1998  – the main piece of legislation that governs the protection of personal data – and a very limited amount of well-trained people has access to them, therefore, you can be totally sure about the safety of your personal data.



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