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How do you protect monies deposited with you for remittances?

Pursuant to the Payment Services Act, funds are securely protected until they are actually received by the recipient overseas under a performance security deposit preservation agreement or alternatively under a security deposit with the Legal Affairs Bureau.

Consequently, in the unlikely event that SBI Remit were to collapse, our customers would be in priority position to receive an allocation equivalent to the value of any remittances requested from the performance security deposit.

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