Binance users save $1.75b in remittance fees through crypto transfers

Binance users reportedly saved $1.75 billion in remittance costs thanks to $26 billion in crypto transfers between 2022 and 2024.

Remittances are financial transfers usually carried out by migrants who send money to family members in their country of origin.

Globally, remittance volumes are expected to reach $913 billion this year. However, traditional money transfer services can be expensive, with fees averaging 6.65% for international transactions, according to the World Bank.

In some cases, fees can climb as high as 20% for small transfers, as noted by the International Monetary Fund.

Binance (BNB) allows its users to send encrypted funds via Pay Binancewhich offers instant transfers at no extra cost.

For comparison, the average payout on Binance in 2024 was $470, which would typically incur almost $31 in fees using traditional financial services.

This announcement was made by Binance CEO Richard Teng during the World Economic Forum in Davos and shared with crypto.news via a statement.

Fee Savings

Beyond savings, Binance data shows significant user engagement in crypto remittances, with over $4 billion sent by over half a million users in 2024. The platform also highlights how the speed of crypto can make a crucial difference in emergency situations, like financing medical treatment. or disaster relief.

Although crypto remittances currently represent only a small portion of global volumes, Teng expressed optimism for growth as more users recognize the efficiency of digital assets compared to traditional financial systems .

For many people living in low-income regions, the ability to save on fees and send funds instantly provides a financial lifeline, demonstrating crypto’s potential to improve financial inclusion around the world entire.