Covercy Review 80

Currencies
50+
Regulation
FCA
Speed
3-5 Days

Company Information

Covercy is a tech savvy company that believes greater efficiency is needed in the financial markets. This company comprises a management team of financial experts and technology aficionados, with the goal of providing dynamic solutions to international money transfers.

Among others, this company offers 2 primary products – Covercy Terra and Covercy Payments. The range of services provided by this company is geared towards individuals and companies, and it is fully licensed and regulated by the Financial Conduct Authority (FCA). The company enjoys the backing of Altair VC, Mindset Ventures and SGVC.

Covercy is regulated to offer international money transfer services in Israel, under the company name Covercy Technological Trading Limited (#515200657) and authorized by the Israeli Ministry of Finance for Currency Services Provision. In the United Kingdom and Europe, Covercy is also fully regulated (registration #12825487).

This online money transfer services company complies with all data protection and registration requirements in Europe and in the UK. The integrity of client information is safeguarded with 256-bit bank-level encryption, with fraud monitoring and verification provided by E&Y and various law firms including Barnea & Co, and Howard Kennedy.

How Covercy Works

Covercy clients complete a 4-step process for international money transfers. This requires defining how much money will be sent, and in which currency it will be transmitted. Next, clients must provide biographic information for themselves and the recipient of the funds. Step #3 requires the processing of the transaction by clicking the send button. Step #4 allows clients to track the payment until the recipient receives the funds.

Who Should Use Covercy

Covercy is designed for individuals and companies. This international money transfer service is intended to make money transfers easier, quicker, and more cost efficient. Businesses and individuals can transfer funds at guaranteed exchange rates. Rather than rely on existing financial frameworks and associated fees, Covercy bypasses recipient fees, correspondent bank fees, and SWIFT protocol by way of local banks all over the world.

Personal Users

Personal users can benefit from Covercy Payments for international money transfers. This product offering assures personal users of reduced costs and efficient money transfers.

Business Users

Business users can also use Covercy Payment, although Covercy Terra is preferred for businesses with foreign investors a.k.a. clients. Covercy Terra is designed for quick international money transfers, to facilitate rapid closing of deals, with electronic verification, and real-time tracking of money transfers. It serves investment pros, realtors, and agents well.

Why Should You Consider Using Covercy

Covercy is guaranteed safe and secure, fully licensed and regulated in Europe, the UK, and Israel, and managed by a team of financial experts. Full disclosure on pricing is provided to business and personal users, making it easy to understand what the fixed transactions fees are with multiple currencies. These include the AUD, CAD, CZK, DKK, EUR, HKD, HUF, ILS, JPY, NZD, NOK, SGD etc. The transfer costs are known, and this company prides itself in transparency in its pricing system. The low margin and low fees ensure a competitive overall rate for international money transfers.

How Much Does it Cost to Use Covercy

The costs of using Covercy are dependent on the currency you send. The fixed transaction fees for the Australian dollar (AUD), and the Canadian dollar (CAD) are $6.00, while the EUR cost is €9.00, and the Japanese Yen cost is ¥616.00. Full details of the fixed fees are provided to customers upfront. There are additional fees for bank rejections (0.15% handling fee) and the precise exchange rate is dependent on the daily rate, with a low margin added for Covercy.

Transfer Speed

The processing time for international money transfers depends on several factors, notably the working hours of the banks, verification of ID of sender/receiver, the currency being sent, and the countries that are involved in the transaction. If Covercy has received the funds from a local source, it typically takes 1 business day to process the transaction. However, it is possible that the transaction could take up to 3 business days. With SWIFT transfers, the process can take as much as 4 business days. On average, the recipient of the funds can expect to have the transfer completed within 24 hours, with a commitment to deliver the money within 72 hours.

Covercy Customer Support

Covercy customer support is available through multiple channels. This includes a UK office in London, live chat functionality, an FAQ section, a help center, email and telephone assistance. The email address is support@covercy.com. The telephone number for English speakers is +44-203-8567-888. The global telephone number is +972-3-720-8883. Customer support representatives endeavour to respond to clients in a timely, professional, and reliable fashion. With live chat functionality or email, clients can expect a response within 1 business day if the query is received after hours.

Clients Feedback

Client feedback is generally positive. Covercy currently supports clients in 20+ countries in more than 25+ currencies. Based on the testimonials provided by leading business owners all over the world, there is a high level of customer satisfaction. External review sites such as TrustPilot indicate an overwhelmingly positive score for this international money transfer service. It has a 5/5 rating with 489 reviews, and the feedback indicates that it is a user-friendly service with reliable transfer times, smooth processing, and efficient transactions.

Bottom Line

Covercy does what many other international money transfer companies fail to do: it delivers in a timely fashion. This international money transfer service located in Israel and the United Kingdom offers competitive exchange rates, low fees, maximum transparency, and reliable services. This is a cost-effective money transfer service for individuals and companies alike, with 2 basic products – Covercy Payment and Covercy Terra.

Pros

  • Fully licensed and regulated by the FCA
  • 25 + currencies supported in 20+ countries
  • 4-step process to sending money around the world
  • Reliable, efficient, cost effective, and transparent service

 

Cons

  • Limited global reach
  • Relatively new entrant to the scene
  • Receiving bank fees not always included in estimated costs