Frequently Asked Questions
We’ve answered some of the most common questions about Redbanx Ltd, our services, onboarding process, safeguarding of client funds, payments and support.
If you cannot find the information you need, please contact us at info@redbanx.com
About Redbanx
1. Who is Redbanx Ltd?
Redbanx Ltd is a UK-based Electronic Money Institution providing payment services and electronic money solutions for clients with domestic and international payment needs.
2. Is Redbanx regulated?
Yes. Redbanx Ltd is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900897).
3. Does Redbanx operate like a bank?
No. Redbanx Ltd is not a bank. We provide payment services and electronic money products. Client funds are safeguarded in accordance with applicable regulatory requirements.
Getting Started
1. How do I open an account with Redbanx?
To open an account, you will need to complete our onboarding process and provide the information and documents required for verification and due diligence.
2. What information will I need to provide?
This may include information about your business, directors, beneficial owners, source of funds, and expected account activity, together with supporting documents.
3. Why does Redbanx ask for verification documents?
We are required to carry out customer due diligence and ongoing monitoring in line with legal and regulatory requirements. This helps us prevent fraud, money laundering and other financial crime.
4. How long does onboarding take?
We aim to complete onboarding as efficiently as possible. Timeframes may vary depending on the complexity of the application and whether additional information is required.
5. Can Redbanx request more information after my account is opened?
Yes. As part of our ongoing monitoring obligations, we may request additional information or documentation after onboarding.
Payments & FX
1. What services does Redbanx provide?
Redbanx provides payment and electronic money services, including domestic payments, international payments and multi-currency solutions.
2. Can I make international payments?
Yes. Redbanx supports international payments, subject to applicable currencies, jurisdictions and compliance requirements.
3. How long do payments take?
Payment times can vary depending on the currency, destination, cut-off times, intermediary banks and any compliance checks that may be required.
4. Do exchange rates change?
Yes. Foreign exchange rates can move at any time and may affect the final amount received where currency conversion is required.
5. Can payments be delayed or declined?
Yes. In some circumstances, payments may be delayed, reviewed or declined where required for operational, legal or compliance reasons.
Safeguarding Client Funds
1. How does Redbanx protect client funds?
Redbanx safeguards client funds in accordance with applicable regulatory requirements by keeping relevant funds separate from the firm’s own money.
For a detailed explanation of how safeguarding works, please see our Safeguarding of Client Funds page.
2. Where are safeguarded funds held?
Redbanx holds safeguarded client funds with regulated credit institutions, including:
- ClearBank Limited (UK)
- EMBank European Merchant Bank UAB (EMBank) (EU)
These institutions are authorised and regulated in their respective jurisdictions.
For full details on how safeguarded funds are held and protected, please refer to our Safeguarding of Client Funds page.
3. Are my funds covered by the FSCS?
No. As Redbanx Ltd is an Electronic Money Institution and not a bank, safeguarded funds are not covered by the Financial Services Compensation Scheme (FSCS).
Further information is available on our Safeguarding of Client Funds page.
4. What happens if Redbanx becomes insolvent?
In the unlikely event of insolvency, safeguarded funds are intended to be returned to clients ahead of other creditors, although deductions may apply.
For a full explanation, please refer to our Safeguarding of Client Funds page.
Pricing & Fees
1. Are there fees for using Redbanx services?
Fees may apply depending on the services you use, including payment fees, foreign exchange margins, account-related charges and certain third-party costs.
2. Will I be told about fees in advance?
We are committed to transparent pricing. Applicable fees will be communicated as part of onboarding, your client agreement, or before a transaction is executed.
3. Can third-party charges apply?
Yes. Some payments may involve intermediary or correspondent banks, which may apply charges outside Redbanx Ltd’s control.
Fraud & Security
1. How does Redbanx help protect clients from fraud?
We apply controls to detect and prevent suspicious activity, including transaction monitoring and screening.
For more detailed information, please see our Protecting Against Fraud page.
2. What is APP fraud?
Authorised Push Payment (APP) fraud occurs when someone is deceived into sending money to a fraudster.
You should always verify payment details before sending funds.
3. Can Redbanx stop or delay a transaction?
Yes. We may delay, review or decline transactions where necessary to protect clients or to comply with legal and regulatory obligations.
4. What should I do if I suspect fraud?
If you suspect fraud or believe you have made a payment in error, contact us immediately at compliance@redbanx.com
Complaints & Support
1. How do I make a complaint?
If you are dissatisfied with our services, please contact us at compliance@redbanx.com and we will investigate your complaint in line with our complaints procedures.
2. How long does it take to respond to a complaint?
We aim to investigate and respond to complaints promptly in accordance with our published complaints process.
3. Can I escalate my complaint?
If you remain dissatisfied after receiving our final response, you may be eligible to refer your complaint to the Financial Ombudsman Service.
4. How can I contact Redbanx?
For general queries, onboarding questions, or complaints, please contact compliance@redbanx.com.