To send money overseas, or make a wire transfer from one country to another can be a real headache. Long turnaround times, increasingly high fees, and hurdles with foreign exchange rates are all a burden to both the sender and receiver of payments. Needless to say, that doesn’t stop the need for quick cross-border payments.

Global GDP (gross domestic product) is projected to hit roughly $103.2 trillion in 2022 — up from an estimated $77.99 trillion in 2017 — just as international transfers and cross-border payments are becoming a daily part of business. Meanwhile, legacy banks don’t display any sense of urgency over improving the process for cross-border remittances.

Transaction fees can range anywhere from 2% to 10% of the overall transaction amount, with intermediary institutions taking a cut in addition to regulatory exchange fees. Companies like Western Union and MoneyGram are notorious for extremely high fees targeting a consumer base from low-economic backgrounds. (Not to mention fraud).

Uphold was built with our members in mind, and we work to create easy, frictionless and low-cost cross-border payments. Here are just a few ways you can use your Uphold wallet to expedite cross-border payments: