SoFi Technologies has announced a partnership with Lightspark to launch an international remittance service powered by the Bitcoin Lightning Network.
This move positions SoFi as one of the first U.S.-based digital banks to integrate blockchain-based payments for cross-border transfers.
How the service works
SoFi’s new feature will allow users to convert U.S. dollars to bitcoin in real time, transfer funds using the Lightning Network, and deliver the equivalent in local currency directly to recipients’ bank accounts abroad.
The initial rollout will support transfers to Mexico, with plans to expand to more countries soon after launch.
Regulatory advantages & cost savings
Under Section 4475 of the One Big Beautiful Bill Act, a 1% tax will soon apply to certain remittance payments made with cash or similar instruments.
However, digital currency transfers, including those made via bitcoin, are exempt from this tax.
Tara Ferris, principal at EY, explained:
[The exemption] eliminated their need to worry about this requirement because most of the wire transfer activity that they do, they’re doing with someone or doing on behalf of someone that has an account relationship with them.
SoFi claims its remittance platform will be among the lowest-cost options for international money transfers, with total costs below the global average of 6.49% as reported by the World Bank.
Industry adoption & customer experience
Lightspark CEO David Marcus highlighted the benefits of using bitcoin’s open payments network for international money movement, stating:
Digital banks are embracing universal money address because it’s fast, cheap and secure, and it uses the only open payments network that exists, Bitcoin.
SoFi members can now join a waitlist for early access, with all fees and exchange rates displayed before completing a transaction.
The bank aims to offer a faster, more inclusive, and less expensive alternative to traditional remittance channels.
