Diem is the newest digital currency on the block. Not only is it quick and easy to use for paying for goods and services online but it’s also a free and secure way to send money to friends and family both locally and abroad. Transferring Diem from your digital wallet to another person’s digital wallet only takes a few seconds and some quick simple steps.
In this article we’ll learn how to easily make a transfer in Diem based on what we already know about the Diem Blockchain.
Step 1: Open Your Digital Wallet
Sending money in Diem is both fast and free. While the easiest way to transfer payments in Diem is through the Novi wallet app, there are a few other methods you can use to send Diem Dollars.
According to Novi’s website, you can soon transfer Diem either through Facebook’s messaging apps such as WhatsApp or Messenger, or with any other digital wallet that can hold Diem Coins.
Once you have your digital wallet set up, open the application on your mobile phone or desktop to start the process of transferring Diem funds.
Don't know how to use the Novi wallet? Read this article for a full guide
Step 2: Select the Transfer Button
Once you have your digital wallet app open, find the Transfer button and tap or click it depending on whether you’re on desktop or mobile.
Step 3: Enter the Amount to Send
Next, you will be asked to input the amount of money you want to transfer. When sending money in Diem, it’s important to keep in mind that the value of Diem is pegged to the US Dollar. That means that the price of a single Diem Dollar will always be redeemable for, and equal to one US Dollar.
You will always have a chance to review an amount’s exchange value before approving the transfer. Just don’t get confused when the final amount displayed doesn’t look exactly the same as the amount of Diem you would like to send.
Tip: For money transfers under 1,000 Diem Dollars, you’ll only need the receiver's Diem identification number.
Step 4: Enter the Receiver’s Diem Address
To send someone Diem Dollars, you will need their Diem Address. This is a long-looking series of numbers and letters that identifies them within the Diem network.
Alternatively, you can look up someone’s address by entering their name followed by an @ symbol and the wallet they’re using (e.g. JaneDoe@Novi).
Tip: The Diem address should look something like this: 4c51bcec93aac8afc3488beb44
Step 5: Hit the Send Button
Once you’ve entered the amount you would like to send and the receiver’s address, go ahead and tap or click the Pay button. If there are any transfer fees at this stage you will be notified and have the chance to approve or deny the transaction.
Step 6: Review the Transaction Details
Once you’ve completed step five, your Diem transfer should be well on its way to its receiver. If you’d like, you can review the details of your transaction in your accompanying digital wallet app, or on the Diem network by inputting the Transaction ID in First’s Diem Explorer.
Diem Transfers Are Quick, Easy, and Free
Diem transfers are instant, so the person you’re sending money to should receive the amount instantaneously. The value of the amount they receive will be in Diem Dollars, but they also have the option to redeem the sum in their local currency.
If you would like to review the Diem transactions you’ve made in the past, you can view them in the dashboard of the Novi wallet app or your digital wallet app. To learn more about Diem, including what it is and how it works check out more articles from the First Blog and Knowledge Base.
Check Also: How to Accept diem Payments?