UWC Financial Services Limited

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General Questions UWCFS Quick Cards UWCFS Money Transfers

FAQ

1. How do I open an account with UWCFS?

2. Am I eligible an open an account?

3. What documents do I need?

For access to our services, each new Customer must go through the initial verification process, which includes a basic ID and address check.

3.1. Initial verification

You will need to upload scanned documents in order to use our Account Management System or to apply for the UWCFS Quick Card.

3.1.1. Scanned documents for individuals (Individual Customers):

- Colour copy of passport or ID document bearing signature and photograph.
- Utility bill or other document as a proof of address (this could be a utility bill or bank statement; unfortunately, we cannot accept bills from mobile operators due to current legal requirements).

Proof of address must be no more than 3 months old and must match the details provided during application.

3.1.2. Scanned documents for legal entities (Corporate Customers):

- Company registration documents (Certificate of Incorporation).
- Company Statutes (Memorandum & Article of Association).
- Certificate of Good Standing, not older than 6 months.
- Beneficial Owner Certificate.
- Director's authority for representation.
If the Company has two or more Directors, proof of a Director’s right to sign on behalf of the Company is required.
- Documents for all individual beneficial owners, directors and other persons, having access to the account. Required documents are the same as for Individual Customers (see 3.1.1. above).
- Correspondence addresses of the legal entity and all individual beneficial owners, directors and other persons, having access to the account.

If beneficial owners are legal entities, the following documents are required:

- Certificate of Incorporation and Certificates of Good Standing for each beneficial owner.
- Full set of documents for all directors and beneficial owners of these legal entities, in accordance with the requirements for account opening by Individual Customers (see 3.1.1. above).

3.2. Secondary verification

Individual Customers must complete a secondary verification process to obtain additional services for crediting their account and withdrawing funds*.

Individual Customers must complete the secondary verification process, if their account turnover exceeds GBP 5000 per year.

*Completion of the initial verification process only allows Customers to credit their UWCFS account by wire transfer from a bank account, or by using authorized e-money wallets opened in the Customer’s name. Other means of crediting a UWCFS account can only be used to pay the application fee when ordering a UWCFS Quick Card.

You will receive access to our full range of services when you have completed secondary verification. We require all potential partners or agents to complete secondary verification.

You can complete secondary verification by providing copies of various personal documents (Individual Customers) or corporate documents (Corporate Customers), which have been certified by a notary, lawyer, legal adviser, post office, etc. You can also complete the secondary verification by visiting our office. We will make copies of your originals and verify them ourselves.

Please contact our Customer Support Team for further instructions and feedback.

3.3. Recurrent verifications

Recurrent verifications are only requested from Individual Customers if any of the verification documents need to be renewed. We reserve the right to request a copy of a new document or proof of a new address (once every 12 months).

Corporate Customers must provide us with a new Certificate of Good Standing every 6 months.

We will inform you if additional documents are required.

4. Commissions / fees / account limitations

5. How do I place money on my UWCFS account?

6. What does it mean if the account has not been verified yet?

7. How do I withdraw funds from my account?

8. Can I place and withdraw money on my UWCFS account using e-money systems?

9. How long does it take to place and withdraw money on my UWCFS account?

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FAQ

Bank wire transfer	Next working day after we receive the funds. We can offer you same-day loading for an extra charge. You will be asked to give SWIFT confirmation of the payment.
Cash money transfer.	On the same day, if the operation is carried out by the Customer himself/herself.
Bank or corporate cheques	Up to 7 business days after the cheque is delivered to our office. The cheque must be properly completed (we will be glad to answer your questions).
Transfer between accounts within our system	instantly
Transfer from an authorized account in an e-money system	instantly

Bank wire transfer	We offer different ways to proceed: 1) SWIFT outward payment order (the money will be paid to the beneficiary's account on the same day, if the order is made before 11am GMT) 2) Express outward payment order (the money will be paid to the beneficiary's account within 2-3 days, if the order is made before 1pm GMT)
Cash money transfer	Instantly
UWCFS Quick Card	Instantly (express payment) or within 2 hours (ordinary payment)
By cheque, sent by post or remitted in person	Funds are subtracted from the Customer’s account on the same day. Withdrawal terms and conditions are defined by the Customer's Bank
Transfer between accounts within our system	instantly
Transfer from an authorised account in the e-money system	instantly

FAQ