Global WebPay - any experience with them?

misa.blue

Hello,
I'm thinking about using Global WebPay to send money to my account in Czech Rep.
They have free transfers offer in November, all sound good.
http://www.globalwebpay.com/Default.aspx

Do you have any experience with them? heard anything bad?
I'm bit worried to send somewhere my money, what if I don't see them again..

Please advise.

markbodega

Looking at their site it says and I quote

"Global World Pay uses the payment service provided by Envoy Services Limited, which is regulated by the UK's Financial Services Authority (FSA)."

If I were you I'd check to see if they are authorised by the FSA as opposed to just being registered. Do do this simply visit the FSA's website here:

http://www.fsa.gov.uk/register/psdFirmSearchForm.do

Only being registered places very little requirements on a firm. For example, a registered firm is not required to operate segregated client accounts, nor are they required to hold a defined level of capital ("capital adequacy").

Directors and owners are not subject to the FSA "fit and proper" test. By contrast, larger commercial foreign exchange brokers are authorised by the FSA which is very different. Firms such as HiFX, Moneycorp, Currencies Direct etc. with a turnover higher than €3m per month must be fully authorised by the FSA. Authorised firms are subject to a far higher level of regulatory scrutiny than firms that are simply registered.

Authorised firms are required to segregate client money, maintain a strictly defined level of capital at all times, and all owners, directors and senior managers are subject to the fit and proper test.

Hope this helps.

misa.blue

mark: Thank you very much for really good explanation!!

I looked it up on website you posted it says there:
Payment Institution status: Authorised Payment Institution
Notice: Payment services are not covered by the Financial Services Compensation Scheme


Is that good? They are autorised but not sure what to make of that notice?

Baldur

misa.blue wrote: »

I looked it up on website you posted it says there:
Payment Institution status: Authorised Payment Institution
Notice: Payment services are not covered by the Financial Services Compensation Scheme


Is that good? They are autorised but not sure what to make of that notice?

Unlike deposits, investments, pensions and other financial areas, payment services (such as foreign exchange transactions) are not covered by the FSCS - see http://www.fscs.org.uk/what-we-cover/products/

Olipro

I'd shop around, the exchange rate looks abysmal

misa.blue

Ok, could not find anything cheaper so used them today, sent money to mum, so will know right away when it arrives, if it does!