What are e-money accounts and how do they differ from bank accounts?
Electronic money accounts such as the one you open with Winvesta are not bank accounts. However, the funds that have been received in exchange for electronic money issued are deposited with an authorised credit institution i.e., a bank. This process is called “safeguarding of funds”. Your funds in Winvesta MCA are safeguarded by our principal EMI with a Tier-1 Bank in the UK.
- E-Money held in your Winvesta MCA does not earn interest and does not constitute a deposit.
- There is no overdraft facility on your Winvesta MCA.
- Winvesta and its EMI don't lend or invest your money. We can't use it for any of our operational expenses either. Instead, your funds are safeguarded. Read more about safeguarding here.