We are trying to explain how the system work in Bremit to transfer fund from one country to another.
You can read this to understand the basic https://bremit.medium.com/how-does-bremit-work-64f62a97d867
Here are the steps to tell how Bremit works.
Step 1 : Sender has to Fill the form in bremit
- Amount and Rates :(Sender can put their own exchange rate for the amount they want to send)
- Receipt Details(Tell whom you want to transfer)
- Sender Details(Tell how do we contact you)
- Payment Details(How do you want to deposit the amount?How do you want your receiver to accept it?)(Bank Transfer, Wallet Transfer, Collect cash)
- Send(Confirm your request)
Step 2 (Node Assignment for Sender)
- Money Transfer Request Listing(All the request from the sender will be available on Request Pools )
- Bremit Node Assignment(Bremit Nodes can access the Request Pool and can accept/counter offer if they like it)
- Collect the fund from sender(Nodes will collect the payment as per defined the terms)
Step 3 (Blockchain)
- Node send the user request into Blockchain(Node has to send the sender’s request with equivalent tokens into blockchain)
Step 4 (Node Assignment for Receipt)
- Money Transfer Request Listing(The relevant request will list on the country Request Pool with details of receipt and payment mode )
- Bremit Node Assignment(Bremit Nodes can access the Request Pool and can accept offer if they like it)
- Distribute the fund to Receipt(Node accept the request and distribute fund) (Bank Transfer, Wallet Transfer, Collect cash)
Do you know BRMT IEO is LIVE? Learn more about it here https://bremit.io/ieo
