Registration Q&A

Registration

Why Kwanji FX works is that it gives you access to multiple foreign exchange providers in one place. All these providers are fully regulated and need to comply with directives such as Know Your Customer (KYC) and Anti Money Laundering (AML) – just in the same way that all financial institutions do – including your bank. And the reality is that it’s non-negotiable.

We try to take some of the burden by asking for comprehensive information as part of the registration process to set up your Kwanji account and we have made it a one time process so you need only register once for multiple brokers but the law is the law. And we are all grateful for that. In some cases your chosen forex provider may contact you, via Kwanji for further information to enable them to complete this verification process.

Whether you choose to send the money through a bank, forex provider, or money transfer business depends to a large extent on acceptable costs and timescales. You should however also consider the security of your funds whilst they are in transit to the recipient. Your bank will be regulated by the Financial Conduct Authority (FCA) or your local equivalent. All our broker partners are fully regulated entities under the FCA in the UK and all other jurisdictions they operate in. It is a matter of law and security and Kwanji and its partners take it very – very seriously. In the UK it should also be a member of the Financial Services Compensation Scheme (FSCS), so there are some guarantees in the unlikely event that something goes wrong.

The Financial Conduct Authority (FCA) (formerly the FSA), is an independent single regulator of all financial services providers in the UK. It regulates most financial markets, exchanges and firms setting the standards that must be met and taking action when they fail to meet.

The forex provider will get pricing from whichever interbank participants they have good relationships with. Because they buy and sell vast quantities of foreign currency and have such low overheads, they are able to work off low mark-ups and offer very competitive rates. Typically they are 3%+ cheaper than your average high street bank in more developed markets and a lot more in growth economies! This means they could save you hundreds or thousands of pounds every single time you make a payment

May 13, 2016   1018   william Lorenz    Registration & Activation  
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