Find answers to all your most frequently asked questions about HUBFX Multicurrency Account.
If you don’t see what you’re looking for and have questions about your existing HUBFX Account, just contact us here.
✅Your HUBFX (Multicurrency) Account
Short answer: yes!
HUBFX holds the equivalent of the e-money we create for our members in what we call a Safeguarding account with Barclays Bank. This is a ring-fenced account that can only hold funds for our members e-money relating to our International Currency Accounts feature. No other funds such as fees, HUBFX’s own funds, or any other companies’ funds are allowed in it.
Moreover, the funds in this account can never be loaned out by the credit institutions to other customers and, as such, are not exposed to risk. Because your funds will never be reinvested, they don’t require FSCS protection (which is only required where credit institutions reinvest and take risks with your money).
Bank Account Verification is an additional step in the onboarding process for EU clients.
If you are EU clients then we need to verify your, or their, bank account. This is to comply with an additional regulatory requirement for onboarding to our EU Clients.
How are bank accounts verified?
When a client account is created, payments and transfers are not possible until the client’s bank account is verified. For this, we need to receive a minimum of 1p into the new HUBFX account from an EEA Banking Institution bank account held in the client’s name (“Penny Test”). Once this is done, the account is activated and payments and transfers can be made.
Will I be notified when the bank account verification process is completed?
Completing the verification process triggers a ‘Bank Account Verified’ push notification. Alternatively, clients are welcome to contact customer support to query the status of accounts.Any e-money in supported currency HUBFX creates for the members will have an equivalent amount safeguarded in real money terms in the currency at Barclays Bank. Any e-money HUBFX creates for their members in currencies other than the supported currency will be safeguarded in real money terms in GBP at Barclays Bank and re-adjusted daily based on the exchange rate fluctuations.
We have carefully selected the credit institution that will hold these funds based on a thorough analysis of their financial reports and any adverse media. We regularly review our choices and have accounts in different credit institutions should the financial risks increase at Barclays Bank.
