Frequently Asked Questions (FAQs)
How do I load my Card?
You load funds onto your card via bank transfer in GBP or EUR. On the portal go to the Load Funds page to find the bank details.
How do I exchange money?
You can exchange your money by going to the Exchange funds page. From there select the two currencies you wish to exchange and enter the amount you want to convert. Our opening hours are Monday to Friday from 8:30am to 17:00pm.
The conversion rate shown will be valid for 30 seconds. Once the rate has expired please click the “get rate” button to refresh the rate.
If you wish to buy the currency at the rate offered, click “confirm exchange”, and when successful, a confirmation message will appear.
How do I retrieve my PIN?
Your PIN can be retrieved by going to the My account page. Below the card lock function, click on the “send pin reminder” button. You will then receive your PIN via SMS.
Where can I use my card?
Your card can be used at any merchant online or instore which accepts Mastercard.
Is the SGM-FX PREPAID CURRENCY WALLET Mastercard a normal debit card or credit card?
Your SGM-FX Prepaid Mastercard is not a credit card, charge card or debit card. The SGM-FX Prepaid Mastercard is a reloadable card, issued by a financial institution. All cards accommodate 10 tradable currencies. Each time the card is used, the value of the purchase is deducted from the funds available on the card. Funds are loaded onto the card via the card portal. The value is held at a segregated bank account and not on the card, in accordance with the safeguarding provisions of the Electronic Money Regulations 2011. The card does not offer credit. You need to load funds on to your card before you can use the card.
How long does it take for topped up funds to be available on the card?
Once we have received the funds from your bank the funds will be available on the cardholder’s card for use within a few minutes.
How can I check the balance of my SGM-FX PREPAID CURRENCY WALLET?
To check the balances of your card, go to the balances page in the portal, you will be able view your balances for the associated currencies. Alternatively, you can also view your balances at an ATM.
What happens when a cardholder’s Prepaid Card expires?
Your SGM-FX Prepaid Mastercard will expire 2 years from the issue date. Towards your expiration date we will contact you regarding a new card.
What happens if a cardholder’s card is lost?
If your card is lost or stolen please contact our customer service team immediately on +44(0) 207621 1954, alternatively please go to the My account page and click on “Report lost or stolen”. Your card will then be locked until we send you a replacement card.
Will cardholders earn interest on the balance of their Prepaid Card account?
You will not earn any interest on the balance of funds loaded onto your cards or incur any interest on your spending.
Can I send money from my SGM-FX PREPAID CURRENCY WALLET to a bank account?
You can transfer money from your card to another EUR or GBP bank account. Please go to the Transfers page, select either GBP or EUR and the amount. Please then enter the beneficiary bank details and click on confirm payment. When successful a confirmation message will appear.
What is the subscription fee for an SGM-FX PREPAID CURRENCY WALLET Mastercard?
There is no subscription fee to hold an SGM-FX PREPAID CURRENCY WALLET Mastercard. For a full list of our fees please see our Terms and Conditions.
How long do I have to spend the funds on my SGM-FX PREPAID CURRENCY WALLET Mastercard?
There is no limit for how long you can keep money on your card however there is a £10 charge for every 6 months if you do not use the card.
Do I need to pay for a replacement card?
Yes, the charge is £10
What is the maximum amount I can load on my card
For a business it is GBP 1,200,000 per year, and for a private client it is £75,000 per year
What is the minimum amount I can load on my card
The minimum amount to load on your card is £10
How many cards can one person have?
Each client is limited to one card per person for individuals, although a corporation can hold multiple cards
Do I have to pay an Annual fee for my card?
There is no annual fee for your card.
My card is damaged, who do I contact?
Please contact SGM-FX Ltd Customer Service on +44 (20) 7621 1954
Will I need to notify SGM-FX if I move address?
You must notify SGM-FX of any change to your address.
What if I spend more than the available funds on my card?
This will not be possible as there is no overdraft facility on your prepaid card.
Will I be charged when making ATM withdrawals?
There are no charges from SGM-FX Ltd to use a Free ATM. NB If the ATM is one which charges, you will be charged.
How do I view my Statement?
You can view your statement by logging on to the SGM-FX portal and clicking Statements
Can I freeze my card in-between trips abroad?
Yes, you can lock your card by logging on to the SGM-FX portal where you can lock and unlock your card
I have a balance on my old card, can it be put on my new card?
If you change cards with SGM-FX, then the balance on the old card will be transferred automatically to the new card.
Will I have to go through a credit check when applying for a card?
You will be subject to an Address Verification check, it is not a credit check.
Can I apply for a card for someone who is under 18?
No, all card users must be over 18 years of age