How Bremit Works (Explanation)

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

Uber for Cross Border Money Transfer. Blockchain based peer to peer decentralized remittance platform. https://www.bremit.io