Binance users reportedly saved $1.75 billion in transfer costs through $26 billion in cryptocurrency transfers between 2022 and 2024.
Remittances are money transfers usually made by migrants who send money to family members in their home countries.
Globally, the volume of remittances is expected to reach $913 billion this year. However, traditional remittance services can be expensive, with fees averaging 6.65% for international transactions, according to the World Bank.
In some cases, fees can rise by up to 20% for small transfers, as noted by the International Monetary Fund
Binance (BNB) allows its users to send cryptocurrency transfers via Binance Pay, which provides instant transfers without additional fees.
For comparison, the average transfer on Binance in 2024 was $470, which typically incurs roughly $31 in fees using traditional financial services.
The announcement was made by Binance CEO Richard Ting at the World Economic Forum in Davos, and was shared with crypto.news via a release.
Fee savings
In addition to the savings, Binance data shows significant user engagement in cryptocurrency transfers, with more than $4 billion sent by more than half a million users in 2024. The platform also highlights how the speed of cryptocurrencies can make a crucial difference in cases Emergency, such as financing medical treatment. Or disaster relief.
While cryptocurrency transfers currently represent a small portion of global volumes, Teng expressed optimism about growth as more users realize the efficiency of digital assets compared to traditional financial systems.
For many in low-income regions, the ability to save fees and send money instantly is a financial lifeline, further demonstrating the potential of cryptocurrencies to promote financial inclusion around the world.
