SoFi Introduces Global Money Transfer Service with Lower Fees and Faster Delivery

SoFi, a fintech company, plans to launch an international money transfer service later this year. The service will allow users to send funds abroad directly through the SoFi app with lower fees and faster delivery than traditional providers. The service is powered by Lightspark's Universal Money Transfer Network.

SoFi Technologies, a leading fintech company, is set to introduce an international money transfer service later this year. The new service will enable users to send funds abroad directly through the SoFi app, offering lower fees and faster delivery than traditional providers. The service is powered by Lightspark's Universal Money Address (UMA) and the Bitcoin Lightning Network, making it one of the first U.S.-based digital banks to offer blockchain-based remittances [1, 2, 3].

SoFi's international money transfer service will convert U.S. dollars to Bitcoin in real-time and route funds across borders using the Bitcoin Lightning Network. The funds will then be instantly converted back into the recipient's local currency and delivered directly to their bank account. This innovative approach leverages the speed and security of blockchain technology to provide a seamless and cost-effective transfer experience [1, 2, 3].

The service will initially be available in Mexico, with plans to add more countries shortly after the official launch. SoFi aims to make international money transfers more accessible and affordable for its members. The company claims that the total costs will be below the current national average, with exchange rates and fees displayed up front for full transparency [1, 2, 3].

SoFi's CEO, Anthony Noto, stated, "For many SoFi members who regularly send money to loved ones internationally, the ability to quickly transfer money at low cost isn’t just a convenience, it’s a meaningful improvement to their everyday financial lives. By embedding this directly into SoFi’s app, we’re unlocking the value of blockchain technology to give members faster, smarter, and more inclusive access to their money" [1, 3].

David Marcus, CEO and co-founder of Lightspark, added, "Digital banks are embracing UMA because it's fast, cheap, and secure, and it uses the only open payments network that exists, Bitcoin. UMA on SoFi means customers can move dollars instantly, any time, globally, and we're excited to see the demand via SoFi's waitlist, proving that people are ready for the future of payments" [3].

SoFi's international money transfer service is expected to launch later this year. Members can sign up to join a waitlist to receive access to the service through their SoFi Checking & Savings accounts. The service will be available 24/7 directly on the SoFi app, without the need for third-party apps.

References:
[1] https://www.americanbanker.com/news/sofi-to-use-bitcoin-and-blockchain-for-remittances
[2] https://seekingalpha.com/news/4486954-sofi-to-launch-international-money-transfer-service
[3] https://www.marketscreener.com/news/sofi-partners-with-lightspark-to-power-blockchain-enabled-international-money-transfers-ce7c51dddb81f320