Understanding Finofo: Comprehensive Q&A

Q: Can I open accounts in all the countries listed on Finofo? Is it really free?

Yes, it's completely free to open accounts in any of the currencies listed on Finofo. This feature allows you to manage your global financial needs without additional costs.

Q: Is it safe to use Finofo?

Absolutely, Finofo is a FINTRAC regulated company and adheres to the KYC (Know Your Customer) and KYB (Know Your Business) processes diligently. It is a safe and secure platform for your global banking needs.

Q: Can I open two accounts in the same currency, like USD and CAD?

No, you can only open one account per currency. This means you can have a single USD account and a single CAD account, but not two accounts in the same currency.

Q: Does Finofo offer lower exchange rates? How is it feasible for the company to operate like this?

Finofo operates with a commitment to providing competitive and transparent exchange rates. Our goal is to maintain a flat spread, offering consistency and predictability to our customers. This approach is a significant selling point, as it differs from many FX brokers who frequently adjust their spreads to increase profits per transaction. At Finofo, the spread is algorithmically set, ensuring fairness and value for our clients. This strategy allows us to offer cost-effective solutions while sustaining our business model efficiently.

Q: Can I get a free 21-day trial with Finofo?

Unfortunately, Finofo does not offer a free 21-day trial. However, you can open an account at no cost. Once your KYC process is completed, you can use Finofo as a pilot project to experience how it operates and explore its features. This approach allows you to assess the platform's suitability for your needs without any initial financial commitment.

Q: Where is my money stored when I fund the accounts provided by Finofo?

When you fund accounts through Finofo, your money is securely held in major banks with which we have established partnerships. These banks are responsible for ensuring that your funds are completely safeguarded. Finofo does not have direct access to your funds at any time. This arrangement is designed to guarantee both the security and transparency of your funds, offering you peace of mind regarding the safety of your financial assets.

Q: Can I complete the KYB process offline?

The KYB (Know Your Business) process is optimized for online completion and is designed to be straightforward and efficient. Completing the KYB online enables you to open your Finofo account in less than 8 hours and start conducting transactions promptly. This online method ensures a quicker and more seamless experience, facilitating faster access to Finofo's services.

Q: I cannot disturb my top-level management for account opening with Finofo. How can this be managed efficiently?

We understand the importance of time and value for top-level management. Finofo has ensured that the KYC process is streamlined and conducted online for simplicity and efficiency. Once you input the information of the necessary stakeholders, an email will be sent to them for the completion of the form. This process is designed to be quick and non-intrusive, minimizing the time and effort required from your management to get the account set up and operational.

Q: Can my boss or director complete the KYC form using their mobile device?

Yes, the KYC form can be completed on a mobile device. Finofo's platform is designed to be accessible and user-friendly, allowing for convenient completion of forms on various devices, including smartphones. This flexibility ensures that your boss or director can complete the KYC process anytime and anywhere, enhancing the ease of the account setup process.

Q: How is my ID verified, and what is Plaid? How safe is it?

Finofo uses Plaid for ID verification, which is a secure and efficient process. Plaid is a technology platform that provides the tools and infrastructure for secure and reliable identity verification. With Plaid, your ID verification can be completed in just a few minutes. This system is designed to be both safe and user-friendly, ensuring that your personal information is handled with the utmost security and confidentiality.

Q: Can I deposit a cheque to fund my Finofo account?

At Finofo, we are committed to modern and strategic practices in banking and finance. We do not support cheque deposits, as our focus is on digital and electronic transactions that align with the fast-paced and efficiency-driven needs of today's businesses. By moving away from traditional methods like cheque handling, we emphasize the importance of speed, convenience, and technological integration in financial transactions. Finofo stands as a strategic partner, not just a traditional bank, aiming to facilitate seamless global transactions and empower our clients with advanced, user-friendly financial solutions.