Trading via Fiat wallet on Remitano and Bank Transfer
Currently, there are two ways for users to trade on Remitano: Remitano Fiat Wallet (NGN/ZAR/KES/... are transferred via Remitano's fiat wallet) and Bank transfer (Cash is transferred directly through the bank account of the user).
1. Trade via fiat wallet
Advertisements with payment method: Remitano (your currency) Wallet (Secure).
On the buyer's side
If the buyer does not have available NGN/ZAR/KES... in Remitano Wallet, a deposit order will be created automatically. The buyer will have to transfer money to Remitano or fiat partner's intermediary account. After the money is matched in the deposit order, the trade will be completed automatically.
Note: Buyer needs to pay the correct amount from their own bank account and write the exact content in the narration. In case of sending the wrong amount or writing wrong narration, please contact our customer support with the transfer receipt for assistance.
If the buyer has available NGN/ZAR/KES... in Remitano Wallet, just trade with any amount within the existing balance, the trade will be completed immediately.
On the seller's side
The seller will receive money into Remitano Wallet. The seller can use this money to buy Bitcoin/Ethereum/... from others or withdraw to their bank account (depending on their country).
For users creating ads
In the PAYMENT DETAILS section, please choose payment method: Remitano NGN/ZAR/KES (your currency) Wallet to trade via fiat wallet.
Pros and Cons
Pros: Trading via fiat wallet is a completely safe method for users. It reduces any possible risks of losing your money in trading. Also, most steps are automatic and fast.
Cons: Sometimes, there are too many deposit/withdrawal requests at the same time so our intermediary bank accounts may encounter delays, mostly on weekends.
2. Trade via bank transfer
Advertisements with payment method: Bank transfer <Bank name>
On the buyer's side
The payment will be made to the bank account provided by the seller (the trade page will display the seller's billing information).
Note: The buyer has to pay (with the correct amount and content), then click "I have paid the seller" and upload proof of payment within the specified time (default 15 minutes). Otherwise, the trade will be automatically cancelled. If you have paid, but the trade is cancelled because you do not mark "I have paid seller" in time, please contact our customer support immediately.
On the seller's side
The money paid by the buyer will be received into the seller's bank account. After the buyer pays and confirms "I have paid seller", Remitano will notify the seller via message and call. The seller is responsible for checking their bank account to see if the correct amount has been received and pressing "I have received payment" (ONLY if payment has been received) to complete the trade with the buyer.
In case the seller has not received the payment, please click "Dispute" and contact our customer support for assistance. Note that the seller must receive the correct money to release Bitcoin/Ethereum..., in case of mistakenly pressing "I have received payment" while not receiving the payment, please contact our customer support immediately.
Pros and Cons
Pros: Sellers can receive money directly into their bank accounts and avoid delays 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.
Above are the differences between trades via Fiat wallet and Bank transfer. If you have any more questions, kindly get in touch with customer support.