Altery EU Limited is an electronic money institution authorised and supervised by the Central Bank of Cyprus (CBC). It is not a bank.

Funds held with Altery EU Limited are not covered by the Cyprus Deposit Guarantee Scheme (DGS), which applies to eligible deposits held with participating credit institutions.

Instead, eligible customer funds are safeguarded in accordance with applicable Cyprus and EU electronic money and payment services laws. Safeguarding is designed to keep customer funds separate from Altery EU’s own funds and protect them against claims from other creditors, including in the event of insolvency.

Safeguarding is not the same as deposit protection and does not provide a fixed compensation limit or guarantee immediate repayment. The return of safeguarded funds may be subject to applicable insolvency procedures, reconciliation of records and any legally permitted costs.

For more information, please see this article.

Why does the Cyprus DGS not apply to Altery EU?

The Cyprus DGS protects eligible deposits held with participating credit institutions, generally up to €100,000 per depositor per credit institution. It does not protect electronic money or funds held with electronic money institutions.

Altery EU Limited is an electronic money institution authorised and supervised by the Central Bank of Cyprus (CBC). The funds held in your Altery EU account are not bank deposits covered by the Cyprus DGS. Similarly, the FSCS does not protect funds held with electronic money institutions or payment services firms.

You can find more information about the Cyprus DGS on the Central Bank of Cyprus website and about FSCS protection on the FSCS website.

What is the difference between deposit protection and safeguarding?

Deposit protection is a compensation scheme for eligible deposits held with participating banks and other credit institutions. In Cyprus, the standard compensation limit is €100,000 per depositor per credit institution.

Safeguarding is a legal requirement applicable to electronic money institutions and payment institutions. It requires eligible customer funds to be protected separately from the institution’s own funds and against claims from other creditors.

Safeguarding is not the same as deposit protection. It does not provide a fixed compensation limit or guarantee immediate repayment. If an institution becomes insolvent, the return of safeguarded funds may be subject to applicable insolvency procedures, reconciliation of records and any legally permitted costs.