Warning: TravelFX is NOT FCA Authorised – TravelMoneyMax listing appears misleading

PerimeterAware

I want to flag something important about TravelFX that I think other users should be aware of before using them.

I originally chose TravelFX because they appear on the TravelMoneyMax comparison tool and are shown as:

“FCA Authorised: YES”

That label was a major factor in my decision, as it suggests regulatory oversight and consumer protection.

However, after a dispute and formal correspondence with multiple bodies, I now have written confirmation that:

1. Travel FX Ltd is not regulated by the FCA.

2. The FCA-authorised firm (UKFX Holdings Ltd / Qu Money), which TravelFX say they use for payment processing on their website, confirmed in writing that:

   • They did NOT process my payment

   • They did NOT handle or safeguard any funds

   • They did NOT perform any AML checks

   • They hold NO data about me

   • I am NOT their customer

   • My transaction was handled entirely by TravelFX

(Image removed by Forum Team)

The FCA themselves have confirmed to me in writing that:

“Travel FX Ltd are not regulated by the FCA”

So TravelFX is:

• Registered with HMRC as a Money Service Business (which is normal for currency exchange),

• But not FCA authorised, and

• Not operating under any FCA-regulated firm for customer transactions.

This makes the “FCA Authorised: YES” label against TravelFX on TravelMoneyMax at best misleading and at worst incorrect. It implies protections that simply do not exist.

I suffered a financial loss after cancelling an order when they demanded extensive AML documentation post-payment and applied FX reversal costs and fees. There was:

• No FCA protection

• No FOS access

• No regulated complaints route

Which is exactly why accurate regulatory labelling matters.

I am not posting this to attack TravelFX, but to warn other consumers and to ask MoneySavingExpert to review the accuracy of the FCA status shown in TravelMoneyMax.

Being “FCA authorised” and being “registered with HMRC as an MSB” are not the same thing.

That distinction can easily cost people money if they rely on the wrong assumption, as I did.

Exodi

Have you contacted the MSE team?

https://www.moneysavingexpert.com/site/site-contacts/

PerimeterAware

The screenshot of the email from UKFX Holdings, referencing TravelFX, is quite small. Posting a more easily readable version below, along with the FCA email.

PerimeterAware

FCA email response (larger version)

PerimeterAware

Exodi said:

Have you contacted the MSE team?

https://www.moneysavingexpert.com/site/site-contacts/

Yes, I emailed them yesterday (20th January) via their brokenlink and furtherhelp email addresses.

heatherw_01

I have flagged this up with the team for you as well.

Thank you for raising attention to this.

I contacted them myself just now and they told me they are NOT FCA authorised, only money transfers are.

Travel FX is not regulated by the FCA, it is authorised by the HMRC. 
Travel FX Transfers are supplied by UKFX Holdings Limited which is authorised by the FCA.

 

On the about page of travelfx, it seems it is only FCA authorised for "payments services" 
https://www.travelfx.co.uk/about-travel-fx (scroll to bottom)




But at the very bottom of every page in the footer, it says "UKFX Holdings Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 901082)."

So the footer on TravelFX is a little misleading.

PerimeterAware

heatherw_01 said:

I have flagged this up with the team for you as well.

Thank you for raising attention to this.

I contacted them myself just now and they told me they are NOT FCA authorised, only money transfers are.

Travel FX is not regulated by the FCA, it is authorised by the HMRC. 
Travel FX Transfers are supplied by UKFX Holdings Limited which is authorised by the FCA.

 

On the about page of travelfx, it seems it is only FCA authorised for "payments services" 




But at the very bottom of every page in the footer, it says "UKFX Holdings Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 901082)."

So the footer on TravelFX is a little misleading.

Thanks for checking and for flagging it to the team, I really appreciate that.

That matches exactly what the FCA confirmed to me in writing: Travel FX itself is not FCA regulated, only UKFX/Qu Money is, and only for payment services / e-money. My transaction was a straight currency purchase, so it had no FCA protection at all.

The problem is that TravelMoneyMax shows “FCA Authorised: Yes” against TravelFX, which is simply not true for their core travel money business. Combined with the wording in TravelFX’s footer, it’s very easy for consumers to think they are fully FCA regulated when they aren’t.

heatherw_01

PerimeterAware said:

Thanks for checking and for flagging it to the team, I really appreciate that.

That matches exactly what the FCA confirmed to me in writing: Travel FX itself is not FCA regulated, only UKFX/Qu Money is, and only for payment services / e-money. My transaction was a straight currency purchase, so it had no FCA protection at all.

The problem is that TravelMoneyMax shows “FCA Authorised: Yes” against TravelFX, which is simply not true for their core travel money business. Combined with the wording in TravelFX’s footer, it’s very easy for consumers to think they are fully FCA regulated when they aren’t.

The team confirmed its been passed on so hopefully will get corrected soon.

I also have used them personally in the past because of the FCA protection.

Thanks again for raising this issue up! We appreciate it.

PerimeterAware

heatherw_01 said:

PerimeterAware said:

Thanks for checking and for flagging it to the team, I really appreciate that.

That matches exactly what the FCA confirmed to me in writing: Travel FX itself is not FCA regulated, only UKFX/Qu Money is, and only for payment services / e-money. My transaction was a straight currency purchase, so it had no FCA protection at all.

The problem is that TravelMoneyMax shows “FCA Authorised: Yes” against TravelFX, which is simply not true for their core travel money business. Combined with the wording in TravelFX’s footer, it’s very easy for consumers to think they are fully FCA regulated when they aren’t.

The team confirmed its been passed on so hopefully will get corrected soon.

I also have used them personally in the past because of the FCA protection.

Thanks again for raising this issue up! We appreciate it.

Thanks, and that’s exactly the point for me as well. I’ve used them in the past without any problems and always assumed there was FCA protection because that’s how they’re presented. It was only when something actually went wrong that I discovered there was no FCA oversight at all for the transaction, and that misunderstanding has ended up costing me financially.

I’m glad the team are looking at correcting it, because it’s the kind of thing most people would only realise when it’s already too late.

PerimeterAware

https://forums.moneysavingexpert.com/discussion/comment/81849394#Comment_81849394

I have just seen the TravelFX listing on TravelMoneyMax has been updated to reflect their true FCA authorisation status. Thank you so much for pushing this to the team.

This was exactly the outcome I was hoping for – not just for my own situation, but to make sure other people aren’t misled into thinking there is FCA protection when there isn’t. I genuinely believe this will prevent others from ending up in the same position I did.

I really appreciate you taking the time to help raise it and get it corrected.

heatherw_01

https://forums.moneysavingexpert.com/discussion/comment/81856589#Comment_81856589

No problem at all, thank YOU for bringing to our attention. It is greatly appreciated😊