Covercy Review

Covercy Review Summary

Covercy is an investor management and banking platform for commercial real estate. Their core product allows high net worth investors and family offices to automate distribution payments and manage their accounts in real time. They also offer automated distribution payment processing and fund distribution. The Covercy AI tool is a comprehensive artificial intelligence (AI) fundraising tool. It analyzes the data of investors and presents a list of specific investors. This technology can drastically reduce the time from prospecting to investment, which is the primary objective for most start-ups. The platform enables investment firms to increase their fundraising efficiency and invest more efficiently. It also helps clients to administer their investments securely and easily.

Covercy review
Covercy Features

Covercy Year Established

2015

Covercy International Clients

Covercy accepts international clients.

Covercy Age requirement

18 years

Covercy Currencies Offered

22 online

Covercy Minimum Transfer

none

Covercy Transfer Fees

none

Covercy Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

Covercy Employees

23

Covercy Turnover

6600000

Covercy Regulation

Financial Conduct Authority (FCA)

Covercy Fees

Covercy transfer fees are none.

Fees with Covercy may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by Covercy, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

Covercy Client Rating

Covercy has a rating of 3.

Number of Covercy customers

500000

Covercy Website

https://moneyaccounts.com/vs/torfx-vs-rabobank/

Covercy Supported Languages

Month Savings
January $100
February $80

Covercy Review

Covercy review
Pros and Cons of Transferring Money with Covercy

Most of the time money transfers with Covercy will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with Covercy money prior to submitting an application to Covercy.

Can you easily afford the Covercy fees, are the exchange rate costs reasonable with Covercy?

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Covercy Advantages

  • Covercy has been in business over 4 years
  • Covercy offers a wide range of money transfer currency options.
  • Covercy offers email support.

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Covercy Disadvantages

  • Covercy does not offer PayPal as a payment method
  • Covercy does not offer Neteller as a payment method
  • Covercy does not offer Skrill as a payment method
  • Covercy is not availble in as many countries as other money transfer services.
  • Covercy does not offer a mobile wallet.
  • Covercy does not offer Home delivery for money transfers.
  • Covercy does not offer Cash pickups for money transfers.
  • Covercy does not offer Money orders.
  • Covercy does not offer Livechat support.
  • Covercy does not offer phone support.
  • Covercy does not offer a Apple iOS mobile application.
  • Covercy does not offer a Android Google Play Store mobile app.

What Is Covercy?

Covercy is a financial service company, that offers its clients money transfer services.

Covercy was founded in 2015 by Doron Cohen and has offices in Tel Aviv, Israel.

Covercy provides money transfer services to its 500000 customers who are from all over the world including worldwide.

The Tel Aviv, Israel Covercy business was founded in 2015 to deliver money orders locally and internationally.

Do Covercy Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is Covercy Trusted And Established?

Covercy is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

Covercy was established in 2015 in Tel Aviv, Israel, and has been in operation for around 9 years Covercy have a head office in Tel Aviv, Israel.

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How much does it cost to send a Covercy Transfer?

Covercy money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. Covercy only charges none, when compared to other money transfer service providers.

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How much can I send with Covercy?

The maximum transfer amount with Covercy is up to none (or its currency equivalent) online.

While Covercy charges a small percent of transfer fees, the brand offers reasonable exchange rates.

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Covercy Money Transfer Terms and Conditions

When transferring money with Covercy, it is crucial to keep tabs on the following:

  1. Covercy Speediness. Often the need to money transfer may be urgent and time critical.
  2. Covercy Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. Covercy Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. Covercy Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. Covercy Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. Covercy customer service should respond to your queries quickly and work with you to resolve any issues that you have.

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How Covercy Compares To Other Money Transfer Companies

NameCovercyXE Money TransferWise Multi-Currency Account
Usedby50000028000000011000000
Transfer Time1-4 business days1-4 business days1-2 business days
Min TransfernoneUS$1.001 USD
Max TransfernoneUS$500,000.00 (or equivalent)1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
Payment Methodsbank transfer, card payments, swiftBank transfer, credit card, debit cardBank transfer, debit card, credit card, SOFORT transfer
iOS Appyesyes
Android Appyesyes

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Covercy Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through Covercy or imposed by Covercy. Your Covercy money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your Covercy account.

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Covercy Fees & Exchange Rates

Several money transfer platforms like Covercy charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case Covercy may charge for a currency exchange.

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Covercy Transfer Fees

A transfer fee is the sum of money that a money transfer operator like Covercy charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

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Covercy Exchange Rate Margins

Exchange rate margins are how Covercy, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like Covercy quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with Covercy to see what their exchange rate margin is.

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Covercy Methods to Transfer Funds

A Covercy fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

Covercy enables users to transfer money using bank transfer, via none.

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Covercy Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

Covercy offers every available world currency to its customers. We list the major Covercy supported currencies below.

Covercy Money Transfer Currencies
NameCurrencies
EUR, GBP, USD, AUD, CAD, ILS, CHF, RON, CZK, DKK, HKD, HUF, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, ZAR, CNY
AED, BDT, BHD, BTN, HKD, IDR, ILS, INR, JOD, JPY, KWD, LKR, MYR, NPR, OMR, PHP, PKR, QAR, RUB, SGD, THB, TRY, TWD, VND, BAM, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, RSD, SEK, BBD, CAD, CRC, DOP, GTQ, HNL, JMD, MXN, TTD, USD, XCD, AUD, FJD, NZD, TOP, WST, ETB, GHS, GMD, GNF, KES, MAD, MUR, MZN, RWF, SLL, TND, TZS, UGX, ZAR, ARS, BOB, CLP, COP, GYD, PEN, PYG, UYU
AED, ARS, AUD, BDT, BGN, BWP, CAD, CHF, CLP, CNY, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
ALL, ARS, EUR, BSD, BDT, XOF, BOB, BRL, BGN, BIF, USD, XAF, CLP, CNY, COP, KMF, CRC, HRK, CZK, DOP, EGP, ETB, FJD, GMD, GHS, GTQ, GNF, GYD, HNL, HUF, INR, IDR, JMD, JPY, JOD, KES, MGA, MWK, MYR, MXN, MAD, NPR, NGN, PKR, PYG, PEN, PHP, PLN, RON, RUB, RWF, SLL, ZAR, KRW, LKR, TSZ, THB, TND, TRY, UGX, UYU, VND, ZMW
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NGN, NPR, PHP, PKR, RUB, THB, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AUS, SGD, HKD, INR, MYR, EUR, GBP, USD, CAD, JPY, NZD
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
EUR, GBP, USD, CAD

Covercy review
Covercy Transfer Options

Covercy offers the following transfer options:

Covercy Money Transfer Options Compared
NameTransfer Options
Bank deposit
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up, home delivery, mobile wallet deposit.
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up (Philippines)
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit
Bank deposit, cash pick-up , door-to-door delivery

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with Covercy. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

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Who Covercy Services Are Available To

Covercy offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

Covercy Country Restrictions

Covercy does not operate in the following countries :

  • Afghanistan
  • Aland Islands
  • American Samoa
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Barbados
  • Belize
  • Benin
  • Bhutan
  • Bonaire (including Sint Eustatius and Saba)
  • Bouvet Island
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cape Verde
  • Central African Republic
  • Chad
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • Democratic Republic of
  • Congo
  • Republic of
  • Cook Islands
  • Crimea
  • Cuba
  • Curacao
  • Djibouti
  • Equatorial Guinea
  • Eritrea
  • Faroe Islands
  • Fiji
  • French Guyana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Greenland
  • Grenada
  • Guadeloupe
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Heard Island and Mcdonald Islands
  • Holy See (Vatican City State)
  • Iran
  • Iraq
  • Ivory Coast (Cote d'Ivoire)
  • Japan
  • Kiribati
  • Kosovo
  • Kyrgyzstan
  • Lao People’s Democratic Republic
  • Lebanon
  • Liberia
  • Libya
  • Macao
  • Mali
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mayotte
  • Micronesia
  • Federated States of
  • Montserrat
  • Myanmar
  • Namibia
  • Nauru
  • New Caledonia
  • Niger
  • Niue
  • Norfolk Island
  • North Korea
  • Northern Mariana Islands
  • Palau
  • Palestinian Territory
  • Papua New Guinea
  • Reunion
  • Pitcairn
  • Rwanda
  • Saint Barthelemy
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Pierre and Miquelon
  • Saint Vincent and the Grenadines
  • Sao Tome e Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • Sudan (North and South)
  • Suriname
  • Svalbard and Jan Mayen
  • Syria
  • Tajikistan
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Vanuatu
  • Venezuela
  • Wallis and Futuna
  • Western Sahara
  • Western Samoa
  • Yemen
  • Zimbabwe
  • Crimea
  • Cuba
  • Iran
  • Libya
  • North Korea
  • South Sudan
  • Sudan
  • Syria

Certain countries are restricted because Covercy is not allowed to legally operate in those regions or it is not economically viable for Covercy to provide money services in these regions.

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Covercy International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your Covercy money transfer is quick and simple with the modern Covercy online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the Covercy website.

The Covercy website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

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Covercy Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. Covercy has a minimum transfer amount of none.

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Covercy Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, Covercy does not have a maximum transfer limit when the user is paying through phone. There is however, a none limit per transaction for online transfers.

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Covercy Money Transfer Fees and Charges

These are the fees charged by Covercy and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

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How Long Does It Take to Get a Covercy Money Transfer

Covercy money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like Covercy, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from Covercy.

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Covercy PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. Covercy is not a publically listed company. Covercy is a privately owned company.

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Covercy Money Orders

The charges for issuing money orders with Covercy are none.

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Covercy Mobile Top Up

Covercy offers mobile top ups.Covercy mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

Covercy COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with Covercy directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are Covercy Money Transfers Best For

There may be many reasons you are looking to action a money transfer with Covercy. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

Covercy money transfers are best for people looking for looking for a reliable fast money transfer service.

Covercy Guide for Fast Money Transfer Approval

For Covercy to be able to process your money transfer application as quickly as possible make sure you have everything Covercy need. If you and Covercy need to go back and forth it may delay the Covercy application process. Make sure every piece of information you give Covercy is accurate.

Please note that you must have at least a minimum of one active bank account for Covercy to process your money transfer.

Covercy Application Time

Application time refers to the amount of time you have to wait for your Covercy registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the Covercy system.

Covercy Approval Time

It is the time it takes for Covercy money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

Covercy Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your Covercy money transfer has been approved the money should be in your account within four working days.

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Things to Check Before a Covercy Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering Covercy money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

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Covercy Customer Support

Covercy support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. Covercy customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a Covercy money transfer you will want to speak to a Covercy representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

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Does Covercy Offer Live Chat?

Customers can reach out to Covercy through live chat to resolve Covercy money transfer account issues or difficulties with their Covercy account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

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How does Covercy Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like Covercy you will want to know how Covercy compares with other leading online money transfer companies. See how Covercy compares below.

  1. Visit Covercy alternative XE Money Transfer

    Used By: 280000000
    Currencies Available: 76
    Transfer Fees: none
    Payment Methods: Bank transfer, credit card, debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$500,000.00 (or equivalent)
    Year Founded: 1993

  2. Visit Covercy alternative Wise Multi-Currency Account

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  3. Visit Covercy alternative Remitly

    Used By: 3000000
    Currencies Available: 63
    Transfer Fees: 0-3.99$
    Payment Methods: Bank transfer, credit/debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$20,000.00
    Year Founded: 2011

  4. Visit Covercy alternative Wise

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$1,000,000 (varies based on currency)
    Year Founded: 2011

  5. Visit Covercy alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  6. Visit Covercy alternative Wise Business

    Used By: 11000000
    Currencies Available: 55
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  7. Visit Covercy alternative InstaReM

    Used By: 130000000
    Currencies Available: 11
    Transfer Fees: 0%-1%
    Payment Methods: bank transfer, POLi payment (Australia), debit card (EU residents), ACH Pull (US residents), FPX (Malaysian residents)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: $1 (minimum sending amounts could differ based on certain currency pairs)
    Max Transfer: No limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country)
    Year Founded: 2014

  8. Visit Covercy alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  9. Visit Covercy alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  10. Visit Covercy alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  11. Visit Covercy alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

Covercy review
Covercy Website and Mobile Apps

Covercy has a website available online but it may be useful to manage your Covercy account from your mobile device like your tablet or phone.

Covercy offers an Android mobile application on the Google Play store.

Covercy offers an Apple IOS mobile application for iPhones and iPads allowing Covercy to users to check their Covercy accounts on their iOS mobile devices.

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Covercy Deposit and withdrawal Methods

Covercy offers the following Money Transfer payment methods: bank transfer, card payments, swift. All of significant bank systems are all acknowledged with Covercy.

Covercy offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that Covercy may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from Covercy.

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Is My Money Safe With Covercy?

Covercy is a reliable, secure, and trusted option for sending money overseas. Covercy are registered and regulated with the Financial Conduct Authority (FCA).These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by Covercy customers.

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Covercy Financial Regulation and Safety of Covercy Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like Covercy that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that Covercy is fully licenced as a money transfer company.

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Covercy Payment Services Regulations and Covercy

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

Check Covercy is financially regulated. Covercy is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that Covercy Possess a responsibility of care to their clients.

Is Covercy Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like Covercy are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on Covercy and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

Covercy Segregation of Client Funds

Covercy as part of their regulation are required to segregate client funds from Covercy company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

Covercy regulatory requirements mean that Covercy Money Transfer funds and your funds should be totally separate. Covercy cannot use any money that is still legally yours to conduct Covercy daily business like paying Covercy suppliers and costs. Your funds should be kept by Covercy in a segregated bank account.

Covercy Regulation Checklist

  • Check whether Covercy has authorisation to offer consumer credit
  • Check the type of activities that Covercy are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of Covercy list on their website and the regulator match.

Covercy Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it's gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

Covercy goes to great lengths to protect your Covercy account from fraudulent use. We explain some of Covercy anti-fraud features below:

  1. Covercy has SSL encryption that protects the customer's private information.
  2. Covercy has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The Covercy platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their Covercy account, as you are instantly aware of every Covercy transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with Covercy, the Covercy accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and Covercy delivery instructions.

Covercy Monitors Your Account for Suspicious Transactions

Covercy has systems and controls in place to detect fraudulent activity and protect Covercy client accounts from misuse. If Covercy detect a questionable transaction on your Covercy account, Covercy will contact you to verify the transactions legitimacy to ensure your Covercy funds are safe.

How Does Covercy Make Money?

Covercy and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. Covercy also earn money via foreign exchange rates.

Money transfer companies like Covercy and banks need to survive, so they make money on interest from accounts and money transfers.

Covercy Frequently Asked Questions

We list some of the most frequently asked Covercy questions below.

Is there a limit to how much I can transfer with Covercy?

You can transfer up to none at a time.

When will I receive my Covercy transfer?

It normally takes 3-5 business days.

Is it possible to cancel my Covercy transaction?

Covercy do not offer phone support.

How old do you have to be to sign up to a Covercy account

To signup to a Covercy account you will need to be at least 18 years old.

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Is Covercy a Scam?

Covercy have been in operation since 2015 and have over 500000 customers and 23 employees. Covercy is not a scam.

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Sending money online with Covercy

Sending money with Covercy is a single process once you have registered and verified your Covercy account and payment methods.

  1. Go to the Covercy website
  2. If you have a Covercy account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell Covercy how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the Covercy exchange rate and any fees.
  7. Pay for your Covercy transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a Covercy money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your Covercy account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive Covercy money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. Covercy allows for a deposit directly into your bank, credit union or other financial account.

Covercy Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. Covercy allows you to pick up money in person at a Covercy agent location.

Covercy Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

Covercy Does not support mobile wallets.

Covercy Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. Covercy do not offer home delivery money transfers.

When was Covercy founded?

Covercy was founded in 2015.

Is Covercy Any Good?

Covercy have a rating of 3 and are financially regulated, Covercy can be considered a good money transfer company.

Is it easy to close my Covercy account?

Its is easy to close you Covercy account. You will have to make sure any outstanding payments and fees due to Covercy are paid in full Before Covercy will fully close your account. Make sure when closing your account Covercy send you an official confirmation that your account is closed and no more monies are due to Covercy.

Does it take long to setup a Covercy account?

No, setting up a Covercy account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your Covercy account in 1-3 days.

Where are Covercy based?

Covercy are based in Tel Aviv, Israel

Countries where Covercy is legal?

Covercy is legally allowed to operate in over 4 countries.

How do I track a Covercy Money Transfer

You can track a Covercy money order by calling Covercy or by tracking the order online. Call Covercy number on . The Covercy automated phone system will take a few details and give you a status update. You can go online to the Covercy website and check the status of a money transfer at any time.

If you have a Covercy online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the Covercy transaction, use the Covercy payment reference number on the Covercy website to check the status of the transfer.

Can I cancel my Covercy transfer?

The way that you cancel a Covercy transfer depends on how you created and sent the Covercy money transfer originally.

You may need to contact Covercy by phone on , through their website at www.covercy.com or via email [email protected]. Requests are typically processed within 30 days, and you may be charged a cancellation fee by Covercy.

If you made the Covercy transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the 'Transaction Details' page. If you do not have a Covercy account, use the 'Track a Transfer tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a Covercy transfer on their website.