Strike expands 'Send Globally' to Mexico

Data from The World Bank shows that, in 2022, Mexico received a record of USD 60 billion in remittances from the US alone, making up around 95% of total remittances received from abroad. According to Strike, sending a payment from the US to Mexico costs an average of 4.57% of the transaction value.

Providing cheaper money transfers

Strike leverages Bitcoin’s Lightning Network to provide a faster, cheaper, and more accessible alternative to traditional money transfer providers in Mexico. With Send Globally, users can enjoy instant payments to a Mexican bank account around the clock, every day of the year, without added transaction fees.

Officials from Strike said that cross-border payments from the US to Mexico have reached unprecedented levels, serving as a lifeline for millions of people. However, existing payment services are costly and inefficient, making them inaccessible to many. At Strike, they believe that everyone should have equal access to better payments and financial stability. They’re happy to bring fast, low-cost cross-border payments via the Lightning Network to Mexico, enabling more people to send money home.

Using bitcoin for lower transfer fees

When using Send Globally, dollars are converted into bitcoin, which is sent via the Lightning Network to a third-party partner. That partner converts the bitcoin into local currency, which is sent directly to the recipient’s local account, such as their bank account. This way, the sender doesn’t have to worry about bitcoin’s tax treatment or volatility. In Mexico, Strike has partnered with Relampago to enable transfers from US dollars that are received as local currency directly in a recipient's bank account.

Relampago’s executives said they partnered with Strike to revolutionise money transfers from the US to Mexico, one of the world's largest cross-border payments corridor. By harnessing the Lightning Network, they enable instant, low-cost, cross-border payments and are transforming the financial landscape for millions of Latin American individuals.

Since launching the feature in December 2022, Strike has quickly expanded Send Globally to over a dozen countries including the Philippines, Vietnam, Nigeria, and now Mexico, which are among the top 10 largest cross-border markets.