Bybit launches Send Money feature to simplify global transfers using crypto rails and fiat familiarity

Bybit has unveiled the “Send Money” payment solution for its global users, enabling them to send money with the speed, efficiency, and convenience of blockchain technology. The exchange leverages crypto rails in the background while maintaining a fiat-forward user experience, allowing recipients to receive funds in local fiat currencies.

Bybit’s Send Money feature supports USD, Argentine Pesos (ARS), and select crypto transfers for eligible users in Argentina, delivering transfers that complete within minutes to a few hours. Users can send Bybit Pay to send fiat and crypto across the supported network.

According to the exchange’s team, the feature addresses a critical gap in remittance experience. It also offers rapid money transfers at zero or low cost. Sophie Chen, the head of marketing for the Payment Business Unit at Bybit, believes Send Money should work for everyone.

Chen says Send Money moves crypto and fiat on-chain with instant finality

Bybit’s Chen further claims that Send Money moves crypto and fiat assets on-chain with instant finality. She notes that remittance and payments have remained unnecessarily complex, expensive, and slow for millions of global users. The PBU marketing head asserts that the new feature does not compromise on traditional currency familiarity.

Meanwhile, Bybit explains that it has low rates for USD transfers. ARS recipients also receive the full amount with zero transaction fees. With a seamless off-ramp, funds are instantly deposited into users’ Bybit Funding Accounts. That enables simple off-ramp experiences through withdrawals and general spending. 

Specifically, using the “Bybit Send Fiat” feature streamlines near-instant transfers into four steps. Choosing a recipient requires the sender to enter the recipient’s details in Bybit Pay and specify the transfer amount in supported fiat or crypto. Complete pricing information is then displayed before the sender confirms.

According to the Bybit team, a simple off-ramp enables recipients to pay ARS directly from Bybit Pay with QR codes at supported merchants. They can also withdraw ARS to their local bank accounts.

Send Money democratizes access to efficient financial services

Bybit says Send Money makes blockchain-powered transfers accessible to mainstream audiences, democratizing access to financial services. The feature also enhances the user experience through innovation and upgrades designed to improve the digital asset journey. Bybit says Send Money bridges the gap between traditional financial services and blockchain innovation.

The exchange has also announced that all terms and conditions will apply, adding that eligible transfers will be facilitated at zero fees. However, foreign exchange spreads may still apply. 

On the upside, Bybit emphasizes that users can protect the value of their funds by holding them in USDT and converting them anytime when needed. Send Money requires no prior crypto knowledge, and the Bybit team claims it is built for daily transfers for families and freelancers.