How UK Regulations Safeguard Your Remittance

When you send money through a UK payment institution, your funds are protected by a regulatory framework designed to keep your money safe.

What Is Safeguarding?

Under the Payment Services Regulations 2017, payment institutions must "safeguard" customer funds — keeping them in a separate, ring-fenced account that can't be used for the company's own purposes.

FSCS: What It Does and Doesn't Cover

The Financial Services Compensation Scheme (FSCS) covers bank deposits up to £85,000. However, FSCS does not cover payment institution customers. This is true for all payment institutions, including Wise and Revolut. Safeguarding provides an alternative protection mechanism.