Your questions and answers

1. How much does it cost to transfer funds?

There are no hidden costs for transferring funds with I-MONEY. All fees and disbursements will be displayed on the screen at the time a money transfer instruction is created. A breakdown of any charges and the final sum amount payable by you together with the final sum to be paid to the recipient will be displayed prior to submitting your money transfer request.

2. How long does it take for funds to be transferred to the destination country?

Funds will be available for collection by recipient when cleared funds and satisfactory ID of the sender are received by I-MONEY. The sender will then receive a notification when funds are available for collection.

3. What is Money Laundering and how does it affect a money transfer instruction?

Money Laundering is the process through which illegally obtained funds/assets are cleaned to eliminate the link to their criminal origins.

Anti Money Laundering Regulations require us to obtain information and copies of identity documents from our customers and keep records of them and each transaction for a period of 5 years.

4. What ID is required?

Depending on the value of funds to be transferred, this can vary from answering basic questions to providing us with documents for us to verify your identity.

5. What are the legal requirements for Money Service Businesses?

The law requires us to monitor and report unusual or suspicious transactions where we have reason to believe or suspect that illegally obtained funds are used to source the transaction.

6. How secure is the website?

We use the latest and most secure 128 bit encryption platform to ensure that the transmission of information between you and I-MONEY is secure. Moreover we utilise SSL (Secure Socket Layer) encryption capabilities to scramble data sent between our website and your computers. The information can only be unscrambled by your computer as it possesses the unique unscrambling key.

7. Which countries can I transmit funds to?

At present you are able to enjoy the benefits of our cut rate service to Nigeria and Ghana. As and when we offer money transfer services to other countries, we will provide updates on this site and post the details here.

8. How do you determine the exchange rate and how can you offer me savings?

As markets fluctuate, the exchange rate is constantly subject to change. We at I-MONEY are able to offer you savings by offering rates below that of the Inter-bank rate offered by high street banks and money transfer bureaus. We scour the market to find the lowest possible rate to pass the savings onto you!

9. What methods of payment do you accept?

In order to issue a money transfer instruction online, you may transfer sums using online banking services into an I-MONEY account at the same bank as yours (I-MONEY has accounts with all of the leading high street banks and building societies). Sums may also be paid into the accounts at the high street banks and building societies in person using cash, cheque or interbank transfers. I-MONEY will only distribute sums to the destination country upon receipt of cleared funds from you. Please be aware that payments made by cheque can take 7 days or longer to clear.

10. Is there a minimum and maximum amount that can be transferred using your service?

There are no minimum or maximum limits that I-MONEY set with regard to sum amounts that can be transferred by you. Nevertheless in keeping with Anti Money Laundering regulations, certain ID and information must be acquired from you to process high value transactions.