Frequently Asked Questions
How do I join?
If you go to join Glo Currency, we will guide you through the process, and ask you for all the information we need to verify your membership.
Alternately, go through to our sign-up page.
What charges are there for our services?
We do not charge commission but a small margin is placed on the FX rate.
For banking services, fees are charge for sending and receiving funds.
How quickly can I get my currency?
Once your account is approved, you can begin exchanging currency immediately – and your funds will usually be available on the same day you make an exchange.
Can I pay third parties directly from my Glo Currency account?
Yes, you can.
How is Glo Currency regulated?
Glo Currency UK Limited is an Authorised Payment Institution (API), authorised and regulated by the Financial Conduct Authority (FCA reference number is 810034).
APIs can provide customers with a range of regulated payment services. The activities which APIs can undertake are based on their FCA permissions (which can be found in the FCA’s Financial Services Register.)
Glo Currency’s permissions enable it to carry on payment services activities; this includes receiving bank transfers, processing withdrawals and conducting foreign exchange.
Glo Currency in Switzerland is registered with SRO PolyReg and in Canada by FINTRAC.
Is there a minimum or maximum amount that I can exchange?
Our minimum transaction is £1,000, or its equivalent in another currency. There is no maximum.
How do I know my money is safe?
As a condition of its authorisation as an API by the FCA, Glo Currency is required to protect and keep safe its customers’ funds. Specifically, Glo Currency must comply with the Payment Services Regulations 2017 (PSRs). These regulations stipulate that APIs must have appropriate and well-managed safeguarding arrangements to ensure customer funds are not subject to any other claim and that in the event of insolvency, are returned to the customer in full, and in a timely and orderly way.
This is set out in detail within:
PSRs regulation 23; and
Chapter 10 of the FCA Approach Document
Glo Currency is not a bank; your account with Glo Currency is a payment account rather than a bank account. The funds provided to Glo Currency for the purposes of making a payment are not eligible for depositor protection via the Financial Services Compensation Scheme (FSCS).
Are there any countries that I can't make or receive payments?
Glo Currency take a risk-based approach to onboarding customers and managing transactional risk. Thus, as Glo Currency is regulated by the Financial Conduct Authority (FCA), we take our regulatory responsibilities very seriously, and therefore, on certain occasions, we aren’t able to receive and/or send funds from certain jurisdictions, although this may be subject to change in the future.
See our list of high risk and restricted jurisdictions.
Who should use the Glo Currency API?
The API is ideal for any business or individual who makes currency transactions regularly, and manages their finances from another system.
How do I set up the API?
Once you have an active Glo Currency account – and have been through our standard validation checks – you are welcome to request an API key by emailing: [email protected]
What is an API, and how does it work?
An Application Programming Interface (API) lets software systems work together without human intervention.
Discover more about our API
What happens if Glo Currency becomes insolvent?
In the unlikely event of Glo Currency becoming insolvent, your funds are held in a segregated account in your own name. These funds are held separately from Glo Currency’s operational funds and working capital. The segregated funds will not be used to satisfy or offset any other obligation including those obligations imposed on Glo Currency itself. This means that the funds can only be used to make payment for the underlying Payment Services User. If that instruction is unable to be complied with, Glo Currency will return the funds to the original source.
Glo Currency does not maintain a safeguarding account for each individual customer.
Individual customers’ funds in various accounts are identified through a Glo Currency payment account number and/or wallet with reference number unique to each Client. These records are used to reconcile credit, debit and balance transactions each day such that (i) the recorded positions individually show what amount of the total balances held is attributable to you; and (ii) the individual amounts recorded in virtual accounts add-up to the total balance held in the real account. Glo Currency also deduct accrued fees and charges out of the client’s account to its own account at the end of month.
Glo Currency’s banking partners are credit institutions authorised and regulated in the UK and in other jurisdictions.
How can I complain?
We aim to acknowledge all complaints within 24 hours, and intend to provide a full response to your complaint within 15 business days from its receipt. If a full response cannot be given within this timeframe, we will send you a holding reply indicating reasons for the delay. The resolution of the matter will be provided to you within 35 business days from receipt of your complaint.
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Contact customer service now and we will help you with your query.