No, you do not need a bank account to use Remit. Once you create your Remit account, you can send and receive money through Remit with other Remit users. Remit functions like an online bank account.
Any funds that you RECEIVE as a transfer, payment or deposit are stored in your FDIC-insured Remit account automatically. However, to deposit your own money into your Remit account, you will need to Wire Transfer money into your Remit Account or link your bank account to your Remit account.
You will need to provide your first name, last name, address, date of birth, social security number (for USA customers only), and driver’s license, Government issued Passport or National Id Card (outside of the United States).
No, you can open a Remit account online from more than 150 countries. (Note: Remit may not be available in certain countries due to regulatory restrictions)
You will need to link your bank account to withdraw funds from your Remit account. In the near future we will provide more cash withdrawal options through our partner network globally.
No, you cannot directly send money from your Remit account to another person's bank account. However, if the recipient has a Remit account, you can send money to their Remit account instantly and they can deposit the money to their bank account. You can send money from your Remit account to another bank account that you own globally.
You can send money to the recipient, who is in another country, by sending it to their Remit account.
No, there is no limit to how much you can hold into your Remit account.
You do not earn interest from the balance in your Remit account at present. However, we are going to offer lending option in the future where you can lend money and make some profit from that.
Remit is a free platform and there is no monthly fee for your Remit account.
Yes, Remit is a US regulated account. Remit balances are held in an FDIC-insured trust account.
The FDIC-insured trust account that Remit balance is held in, is managed by
a USA Trust bank, who will be Remit’s official regulated trustee and administrator according to US FinCEN regulations. Additionally, monthly fiat reserve attestation services for Remit will be performed by Cohen & Co., the industry’s top auditor of stablecoin reserves.
Remit to Remit transfers are between two different Remit accounts. These transfers are instant.
Ether to Remit transfers are any Ethereum tokens sent to & from your Remit account. These transfers are instant.
USDS to Remit transfers are any USD backed stablecoins sent to & from a Remit account. These transfers are instant.
Deposit and Withdraw from your Remit account to your bank account in any country.