Coinbase Wallet has introduced a significant update to simplify and accelerate international money transfers. This new feature allows users to send money across borders with the same ease as sending a text message. The update is designed to eliminate the complexities and costs typically associated with traditional methods of sending money internationally.
Traditionally, international money transfers involve navigating through a maze of routing and bank account numbers, coupled with the burden of expensive wire transfers and bank fees. These transactions often take up to five business days to process. Coinbase Wallet’s latest feature addresses these pain points by enabling users to send money via links shared through popular messaging and social apps. According to Coinbase, this approach not only bypasses traditional banking hurdles but also eliminates fees and ensures instant settlement of transactions.
Coinbase’s blog post states:
“We’ve made it easy to send money anywhere you can share a link, whether it’s through messaging apps like WhatsApp, iMessage, and Telegram, social media platforms like Facebook, Snapchat, TikTok, and Instagram, or even via email.“
The process sounds pretty straightforward and user-friendly. Users can create a link within the Coinbase Wallet and share it through their preferred communication channels. Coinbase says this method is particularly beneficial for various scenarios, such as settling debts with friends, sending last-minute gifts, or tipping service providers like tour guides. The need to download multiple apps or sift through numerous usernames and profiles is effectively removed, streamlining the money-sending process.
Coinbase Wallet’s new feature is available in 20 languages and can be accessed in over 170 countries, ensuring that money can be sent and claimed almost anywhere in the world. This global reach, combined with the simplicity of the process, positions Coinbase Wallet as a formidable player in the realm of international money transfers, offering a modern, efficient alternative to traditional banking methods.
Featured Image via Coinbase
