Remitix Limited safeguards not only the amount paid by you for remittance to a recipient, but also the Mukuru Money Transfer Service Fee, for the benefit of its customers, until the recipient receives payment of / collects the amount. The Mukuru Money Transfer Service Fee only becomes due to Remitix Limited upon the point of collection/receipt of the amount you remitted, by the recipient.
For purposes of Regulation 23 of the Payment Services Regulations 2017, Remitix Limited regards the amount paid by you for remittance to a recipient, plus the Mukuru Money Transfer Service Fee as “relevant funds” for purposes of safeguarding until payment of such funds has been made to, or collection of such funds has occurred (as the case may be), by the recipient.
