Sending money abroad: check the firm behind the app

Before comparing the cost of sending money from London to family abroad, establish who would hold it. An app’s brand and the legal firm providing the payment service may have different names. A polished transfer screen is not a statement of how funds are protected.

The Financial Conduct Authority’s payment-provider guidance says non-bank payment service providers must be authorised or registered with it. It directs consumers to the Financial Services Register to check both the firm and its permission for the service offered.

Find the legal name first

The FCA says a provider’s brand may not appear on the register. Look for the company operating behind it, normally at the bottom of the website or in the terms and conditions. Record that name before searching. Similar wording is not a reason to assume two firms are the same.

Then compare the proposed service with the permission shown. This article does not recommend a provider or establish that a particular transfer corridor is available. For a London–Asia payment, destination, currency and recipient requirements still need checking with the actual firm.

Do not confuse safeguarding with deposit compensation

The FCA says money with a non-bank payment provider is not protected by the Financial Services Compensation Scheme if that provider fails. It distinguishes electronic money institutions, or EMIs, and authorised payment institutions, or APIs, from small payment institutions, or SPIs.

According to the regulator, EMIs and APIs must safeguard funds, while SPIs are not required to do so. If considering an SPI, the FCA advises asking what protections it has. The category is therefore a practical question, not a decorative regulatory label.

The page explains safeguarding as keeping money in a separate safeguarding account or protecting it through insurance or a similar guarantee. It warns that recovery after failure may take time and may not return the whole amount because administration or liquidation costs can be deducted. Safeguarding should not be described as an instant refund promise.

Make the transfer comparison explicit

Ask each provider for the amount the recipient would receive, the total amount charged to you, the exchange rate, delivery conditions and any known deductions. Use the same currency pair and proposed amount. These are comparison questions, not verified claims about any provider’s fee structure or speed.

Keep the quote and the terms that apply to it. If a service problem arises, the FCA directs consumers to complain to the provider first, then to the Financial Ombudsman Service if dissatisfied with the response.

The order is deliberate: identity, permissions, protection, then the quoted transfer. A cheap-looking number does not make the earlier questions disappear.

Guide checked October 10, 2026. Single-source FCA consumer guidance, checked October 10, 2026. No provider, exchange rate, transfer fee or delivery promise was tested. This is not financial advice or an endorsement.