For UK residents we will run an online ID check to verify your identity. This is free of charge and does not constitute a credit check. Usually if you have UK residential status and are on the electoral roll, this will be all that is required in order to satisfy identification requirements. If the check does not verify your identity, we will require a copy of a photographic ID, such as passport or driving licence, and recent proof of address, such as a utility bill.
For international residents and some UK cases (for example if you have recently moved house) - we may either need to ask you to complete an ID verification process using your smartphone, or ask for copies of identity such as a passport or utility bill, depending on the circumstances.
Please note in the case of receiving funds from joint bank accounts, we will need the same information for both parties on the account. It is therefore easiest to add your partner or spouse to your account on registration with us, to avoid potential delays if you will be settling your currency transaction from a joint bank accounts.
We do NOT accept cash under any circumstances, and generally we will NOT accept payments from your business bank account or an unrelated third party, to settle a personal transaction, unless there is a legitimate purpose.
We will also need to verify the nature of your transaction, for example if you are paying a third party for goods or services; our compliance team can usually complete this process in-house but on occasion we may need to ask for supporting documentation from you.
Finally we may also need to ask for evidence of the source of your funds or income, to comply with money laundering legislation.
Your account manager will be able to advise you of what is required before we can transmit funds on your behalf. We will only ask for specific information that is necessary to satisfy our internal procedures, which are compliant with our internal risk assessment and our regulatory obligations, and thank you for your understanding, as this is common practice with all reputable financial service providers.Personal Currency Services