This information applies to England, Wales, Scotland and Northern Ireland

Sending money safely

You can send money abroad using the following methods:

• credit or debit cards
• prepaid cards
• bank or building society services
• money transfer operators
• foreign exchange brokers.

Both you and the person who receives the money will usually be charged a fee.

If you are sending money to a person or business and you are using a money transfer operator, an online money transfer service or a foreign exchange broker the firm should be either authorised or registered by the Financial Conduct Authority (FCA).

If the firm is authorised by the FCA it has proper arrangements in place to protect your money if it runs into financial difficulties. Financial checks are also made on the agents that it uses.

A firm that is simply registered is not subject to all these checks. However, the FCA will check that the firm is based in the UK and that none of the people running the firm has been convicted of financial crimes. You can find out whether a firm is authorised or registered by contacting the FCA at www.fca.org.uk.

All firms should give you information about whether they safeguard your money and about costs or charges. Authorised firms must safeguard your money while they are holding it, unless the amount transferred is under £50.

You can find more information about sending money overseas on the Money Advice Service website at: www.moneyadviceservice.org.uk.

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Citizens Advice