Cross-border payments remain complex even today. Despite how interconnected the world is, it still isn't enough to make payments efficient and affordable. Indeed, sending money abroad can still entail slow processing time, high fees, and unfavourable exchange rates. UMA, or Universal Money Address, specifically addresses these challenges.
A UMA enables you to send traditional currencies and cryptocurrencies to local wallets securely, almost instantly, and at a very low cost. In this article, we’ll discover how to send money with UMA using your Bitcoin balance in the Xapo Bank app.
What is UMA (Universal Money Address)?
Before understanding how to send money with UMA, let’s cover the basics and dive deeper into the UMA network.UMA is short for Universal Money Address. It’s one unique address that links traditional currency and cryptocurrency on the Xapo Bank app. UMAs are email-like addresses that can replace long and unfriendly bank account numbers and crypto addresses. They are easy to share, easy to read, and easy to use.
How does the UMA network work?
Xapo Bank is one of the founding members of the UMA network. Our members can use it to send traditional currencies to local wallets. For example, Ripio (also part of the UMA network) supports Argentine Pesos through UMA.
How to send money with UMA on the Xapo Bank app
Open up your Xapo Bank app
Tap Send on the Wallet tab
Select UMA address
Enter the recipient’s UMA address
Specify the amount of Bitcoin you would like to send and tap Continue
Review the transaction details. In this screen, you will be able to see what currency the recipient will receive, the amount, and a breakdown of the fees and exchange rates applied.
Click Confirm to execute the transfer.
Start experiencing the future of cross-border payments with UMA on the Xapo Bank app. Say goodbye to slow processing times, hefty fees, and unfavourable exchange rates. Embrace convenience, security, and affordability today.
