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How to distinguish advertisement of fiat wallets and banks?
How to distinguish advertisement of fiat wallets and banks?
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Written by Remitano
Updated over a week ago

Trading via Fiat wallet on Remitano and Bank Transfer

Currently, there are two ways for users to trade on Remitano: Remitano Fiat Wallet (NGN/MYR/INR/... are transferred via Remitano's fiat wallet) and Bank transfer (Cash is transferred directly through the bank account of user).
1. A trade using fiat wallet.
Transactions are shown payment method: Remitano NGN/MYR/...(your currency) Wallet

On the buyer side, if the buyer does not have NGN/MYR,.... Available in Remitano Wallet, will have to transfer money to Remitano's intermediary account provided after the money is matched in the transaction, the transaction will be completed automatically. Note that the buyer needs to pay the correct amount and the description is provided, the transaction will be completed automatically, in case of sending the wrong amount or description, please contact our customer support with the transfer photo receipt money for support.

If the buyer has NGN/MYR,... available in Remitano Wallet, just trade with the right volume for the existing balance, the transaction will be completed immediately.

On the seller side, will receive money into Remitano Wallet, with this money the seller can use to buy Bitcoin / Ethereum / ... from others or withdraw to his bank account (depend on their country)

  • Pros: A completely safe method for users. It reduces any possible risks of losing your money in trading. Also, everything is automatic and fast.

  • Cons: Sometimes, there are too many withdrawal /deposit requests at the same time so our medium bank accounts meet the problem of delaying mostly on weekend.

For users creating ads, in PAYMENT INFORMATION section payment method need to choose Remitano NGN/MYR (your currency) Wallet to be able to use.

2. A trade using their bank accounts.
The transactions shown payment method: Bank transfer: <Bank name>

On the buyer side, the payment will be made to the bank account provided by the seller (the transaction will display the seller's billing information). Note during the purchase process, the buyer has to pay (the correct amount and content) then click "I have deposited enough money" within the specified time (15 minutes). If you do not comply with the request to press "I have deposited enough money" within the specified time and the transaction is canceled once you have paid the seller please contact a support assistant who will try to help you. On the seller side, the money paid by the buyer will be received into their own bank account. After the buyer pays and confirms "I have deposited enough" Remitano will send a message and call to the seller. The seller has the duty to check the bank account to see if the correct amount has been received and press "I have received the money" (if payment has been received) to complete the transaction with the buyer. In case the seller has not received the payment, please click "Dispute" and contact a support agent for assistance. Note that the seller must receive the correct money to release Bitcoin / Ethereum / ..., in case of mistakenly pressing "I have received money" while not receiving the payment, please contact the support, they will try to help friend.

  • Pros: Sellers can receive money directly into their bank accounts therefore you can avoid the delaying from the peak requesting time.

  • Cons: If the buyer or seller makes mistakes in a trade, the process of solving will depend on the trust score and cooperative attitudes from users.

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