Frequently Asked Questions
New to Regent FE and got questions? Hopefully we can answer them below! If you already have a Regent FE card, the Help tab in your app is the best place to fnd answers and chat to our 24/7 customer support team.
1. What is Regent FE?
Regent FE is a transactional banking alternative for savvy entrepreneurs, global citizens and their businesses. Regent FE is a complete solution for companies that buy and sell in multiple currencies, make and receive international and domestic payments, issue debit cards to projects and employees. We offer online multi-currency accounts with unique IBANs, foreign currency management, transfers, conversions, and soon physical and virtual Debit payment cards that can be used locally and globally.
2. Is Regent FE a bank?
No. We can replace your transactional bank, but we are not a bank. Although we provide IBANs for our clients, Regent FE is an alternative to your bank. We are an FCA licenced Payments Institution that is also a technology company rather than a bank. The IBANs we offer are held with some of the largest banks in the world e.g. Barclays. This means you get the security of a large global bank but the superb customer service and low pricing of a modern technology business like Regent FE.
3. Is Regent FE a licenced business?
Yes. Regent FE (Regent Foreign Exchange Limited) is authorised by the Financial Conduct Authority as Payment Institution (FRN: 543156) and registered with the FCA as an EMD Agent (reference number 902811) of PayrNet Limited, an Electronic Money Institution authorised by the Financial Conduct Authority FRN: 900594). We encourage you to research all financial services providers you consider using - you can see our entry on the FCA register by searching for our reference number: 543156
4. Is my money safe with Regent FE?
Yes. We are Authorised by the FCA. You can view our licence on the FCA register by searching for our reference number: 543156. Your money is held in segregated client accounts with leading UK banks. All you money are kept separate from the company's own accounts, meaning that they can not be touched by either us or our creditors. Regent FE is authorised by the UK FCA, and therefore meets stringent UK regulation criteria for capital requirements, segregation of duties, policies and procedures.
5. Is my data safe with Regent FE?
1. What types of payments does Regent FE offer?
Regent FE offers Regular local payments in 17 currencies in 35 countries. Meaning we use local accounts to complete the pay out. Furthermore, Regent FE offers Priority international payments via SWIFT to over 200 countries in 35 currencies. Please see our Product section for more information.
2. Is Regent FE expensive to use comparing to a bank?
Our policy is to have easy to understand tariffs structure and predictable transaction cost without any hidden fees. Our fees are more attractive then banks and competitive with the industry leaders among alternative banking solutions. With us you pay for what you use. It is completely free to open the account as long as it is active. Please see our tariff plans for yourself here to make sure you get the best value from the market.
3. Is Regent FE payments service fast?
88% of all international payments we make are same day. Payments through Regent FE move as fast as the international monetary system allows. No other method of electronic payment is faster. We offer same-day or next-day payments on most G10 currencies - the only time constraint is the speed of the global banking system. For payments within the UK, Regent FE uses the Faster Payments scheme that processes payments instantly or in under two hours.
4. Why is Regent FE better than banks?
It is quick and easy to apply, easy to use and understand. Our costs are not only significantly lower but also predictable and transparent. Furthermore, we aim to save you time and money by providing the best service and pricing a fintech can provide. We aim to put you in control with friendly reporting and monitoring functions. Our rates are much more competitive than your bank rates. Please compare our service with your bank or currency exchange provider – you’ll find that you are paying a very high premium when you use your bank, while Regent FE offers you more money for your money.
5. Which currencies and countries does Regent FE operate in?
We open IBAN accounts in GBP and EUR, while USD and other G10 currencies coming up soon. Please see the full list of the currencies here. We convert over 35 currencies, provide Local payments in local currencies in over 35 countries, and international payments to over 200 countries. Regent FE is a London (UK) based fintech company operating EU wide, while also planning to launch in South East Asia later in 2021, and in the US in 2021.
6. Does Regent FE accept cash?
No. We can only accept bank transfers and pay out to beneficiaries via bank transfers. The future functionality will allow us to receive payments from different types of card both locally and internationally.
7. How does Regent FE mitigate currency risks?
We do not speculate on the foreign exchange market. We book out transactions back-toback. Our customers make use of forward contracts, market orders and rate alterts to reduce their foreign currency exchange risks and losses.
1. How long does it take to sign up with Regent FE?
Signing up to Regent FE is fast and easy. Simply fill in the short application form and we’ll do the rest. If you are a UK resident then Regent FE’s technology will use electronic identification (eID) in most cases - meaning you don’t need to do anything extra. In a small number of UK cases, or if you are non-UK resident, we will need you to supply a copy of your government issued ID and a proof of address with your application form. This is a requirement for Know Your Client (KYC) purposes.
2. What is an electronic identification (eID)?
Regent FE use a 3rd party provider to obtain an electronic identification check, which is a confirmation of one's identity. This is simply an automated check against standard databases to verify that you are indeed who you claim to be. It will not be registered on your credit record or affect your credit rating - it is a check for identity and address, not a credit check.
3. What do I need to do to open an account?
Just fill in the online form, upload all supporting documents and await for the onboarding team to get in touch. In applying for an account:
- Complete the online form at here
- Our relationship manager will be in touch to discuss your requirements
Your account will be set-up within 24-48 hours of us receiving a completed application form and all company documents.
4. What documents will you require?
Company registration documents, but only the scans or screen shots. We require the following:
- Signed application form (please start the process here
- AR01 Annual Return (or Local Equivalent showing Directors and Shareholders)
- Memorandum / Articles of Association
- Financial statements for the previous year
- Directors and Authorised Persons ID and Evidence of address
- Ultimate beneficial shareholders with 10% or more interest – ID and Evidence of address
- Evidence of nature of business (Website extract or sales prospectus)
Regent FE will identify 2 Directors, all beneficial shareholders with 10% or more, and all authorised signatories of a corporate entity either via electronic identification or documentary evidence.
- UK/EEA Photo card driving licence (full)
- EU member state ID card
- Northern Ireland Electoral ID card
- Shotgun/firearms licence
- UK Armed forces ID
Evidence of address less than 3 months old:
- Bank/Building society account or insurance company statement
- Council tax statement
- Utility statement including gas, electricity, water
- Telephone bill (not mobile)
5. Why does Regent FE need my passport and other documents?
If you live outside the United Kingdom or you in the UK but we cannot electronically identify you, then you will need to upload a photo or copy of your ID. This could be a passport, a Drivers License or other form of government issued ID.
6. Am I tied into a contract?
The short answer is No. You can cancel your account at any time. In fact, the Standard contract is free, with no monthly fee - you just pay when you use it.
We will contact you if your account goes inactive for a while, and ask you to either close it or start using it again.
7. Who can apply?
Application can be done by any of your employees. However the access levels will have to be confirmed a nominated Director or a Board Resolution.
8. Can I set give account access to somebody else in my company?
Yes, any user with Admin permissions may add other users and can delegate any role, access or functionality to any employee authorised to access the account. The permissions you may set are View, Make Payments & Conversions and Admin. User roles regulate the access and privileges of a user.
View accounts and transactions
Make Payments and Conversions
Convert currency, add beneficiaries and make payments. Also view and download statements.
All of the above, as well as add/delete users, delete beneficiaries, add new staff, request new ledgers, issue cards, and more.
1. How to access my Regent FE account?
Once we have completed the onboarding process we will proceed to open your Client Account. Authorised persons will receive an email with instructions on how to access the Client Account, Make and Receive payments, and perform other functions. You will receive your account details: Account name, SWIFT/BIC, IBAN and other information required to receive payments. You may access the account online via https://online.regentfe.com You may also request password reset via the same link.
2. I have lost my password, can I recover it?
You can reset your password securely on-line. Click here to request a password reset.
3. Can I cancel my foreign exchange transaction?
We book all currency exchange transactions back-to-back, therefore if you want to cancel any transaction there may be a cost associated with exchanging the currency back. If the transaction has not completed yet, we will do our best to fulfil any cancellation requests. We will advise you of any losses you are liable for before we proceed with the cancelation. If you require more details, or would like to cancel a transaction, please contact us and we’ll be happy to help.
4. What does SWIFT code, ABA and IBAN numbers and Sort Code mean?
The SWIFT system is a secure messaging system that allows banks to instruct each other on payments and accounts that they hold with each other.
Sometimes it is sufficient to provide a branch code, such as a BSB code in Australia, or Sort code in the UK.
In the USA, we will need your ABA codes (also known as routing numbers).
In Europe we require an IBAN number.
These codes allow Regent FE to accurately identify the bank and branch where your money is being sent.
5. What is a wire and is it different from a telegraphic transfer or TT?
A Wire Payment and a Telegraphic Transfer are exactly the same process. As such, a wire (or TT) is a way of making an electronic payment from one bank account to another. Please note that to send money using TT (wire) you will need to provide correct details of the recipient’s bank account. Information such as (1) account name, (2) account number (3) SWIFT BIC – Bank Identifier Code // ABA – if the transaction is for the US // BSB code for Australia // Sort Code in the UK.
6. Will I receive a confirmation of my payment transactions?
Yes. You will receive an online and email confirmation of your trade, any next steps you have to take, due dates for funds and onward payment instructions. Please make sure we have your correct email, and check any spam filtering to allow emails from regentfe.com, so that we can keep you fully posted when you make a transaction.
7. What is a SEPA transfer?
The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. A SEPA payment is a simplified method to make a EUR payment within the Euro-zone and some other countries supporting SEPA. Regent FE can make and receive SEPA payments.
8. What are SWIFT payments?
SWIFT payments are a type of international transfer sent via the SWIFT international payment network. The SWIFT international payment network is one of the largest financial messaging systems in the world. Regent FE can send or receive certain currencies via SWIFT payment.
9 What information Regent FE may request for a transaction?
Regent FE may request documentary evidence for any incoming or outgoing transaction. Large transactions should always be supported by documents (E.g. investment agreement, invoice & contract, loan documents, etc).