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BNB Remittances Save Users $1.75 Billion in Fees
Crypto users on the Binance platform have saved a staggering $1.75 billion in remittance costs through $26 billion in cryptocurrency transfers between 2022 and 2024.
Understanding Remittances and Their Costs
Remittances are financial transfers, often made by migrants sending money to family members in their home countries. Globally, remittance volumes are projected to reach $913 billion this year. However, traditional remittance services can be costly, with fees averaging 6.65% for international transactions.
In some cases, fees can climb as high as 20% for small transfers. In contrast, Binance allows its users to send crypto remittances via Binance Pay, which offers instant transfers without additional fees.
Savings and Engagement on Binance
For comparison, the average remittance on Binance in 2024 was $470, which would typically incur nearly $31 in fees using traditional financial services. Binance data also shows significant user engagement in crypto remittances, with over $4 billion sent by more than half a million female users in 2024.
Tips for using crypto remittances effectively:
- Take advantage of low or no fees on platforms like Binance.
- Use crypto for instant transfers, especially in emergency situations.
- Consider the benefits of digital assets over traditional financial systems.
The Future of Crypto Remittances
While crypto remittances currently account for a small portion of global volumes, Binance CEO Richard Teng expressed optimism about growth as more users recognize the efficiency of digital assets over traditional financial systems.
“The ability to save on fees and send funds instantly serves as a financial lifeline for many in lower-income regions, further demonstrating crypto’s potential to enhance financial inclusion worldwide.”
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