Our revolutionary payment system is based on a combination of the latest in blockchain technology and local banking networks in the sending and destination regions. The blockchain allows us to complete a currency conversion and transfer in a fraction of the time it would take the traditional banking system.
How does Remitsy work?
Our specific currency conversion methods may differ slightly for each currency pair, but most conversions are based on the following principles:
- Sender transfers funds (in EUR, GBP, USD, AUD, CAD, HKD or PLN) via local banking network to Remitsy bank account
- Send currency is swapped for receive currency by tapping into bitcoin liquidity in both the sender and receiver regions.
- Remitsy settles payment via local banking network to receiver’s bank account.
To allow our customers to benefit from the lightening-fast payments offered by the blockchain network, but avoid any of bitcoin’s volatility risk, we perform an almost-instant conversion, using bitcoin only as the transaction medium.
In certain instances, local banking options may not be available, in which case funds must be transferred to Remitsy via the international banking network. In such case, please ensure any transfer fees are charged to the beneficiary – us! This might also slightly increase the time required to complete the payment, see here for details on arrival times.