• The World Bank, which indicates that the average cost of sending a fiat transfer across international borders is 6.65 percent.
• Remittances are a significant component of the global economy, with projections indicating that they will reach $913 billion this year.
• For the year 2024, the average amount of cryptocurrency that was transferred from one user to another on Binance was $470.

Richard Teng, the CEO of Binance, said today at Davos that Binance users had saved as much as $1.75 billion in remittance costs via immediate user-to-user cryptocurrency remittances totaling $26 billion between the years 2022 and 2024.

Remittances are a significant component of the global economy, with projections indicating that they will reach $913 billion this year. They are also a potent instrument for economic migrants to provide for their families, so contributing to the reduction of poverty and inequality. Nevertheless, they are sometimes rather pricey. Fees for low-value remittances may reach as high as 15-20%, as stated by the International Monetary Fund (IMF). For the year 2024, the average amount of cryptocurrency that was transferred from one user to another on Binance was $470. This indicates that users of Binance may have saved even more money than they would have on fees that were levied by conventional financial channels.

Binance customers who sent cryptocurrency remittances to other Binance users rather than sending fiat remittances may have saved over $1.75 billion by using Binance Pay, which allows for fee-free and quick cryptocurrency remittances. This is according to statistics from The World Bank, which indicates that the average cost of sending a fiat transfer across international borders is 6.65 percent.

More than half a million female users were responsible for more than $4 billion in domestic and international crypto remittances to other users in 2024, according to the data provided by Binance. This further demonstrates the potential of cryptocurrency as a tool for facilitating financial inclusion and empowerment on a global scale.

Richard Teng, CEO of Binance, commented:

“Since Binance was founded, its vision has been to increase the freedom of money globally. It is our sincere belief that crypto can significantly improve lives around the world by leveling the playing field and providing financial tools and opportunities to disadvantaged communities at a global scale. Remittances are an important use case for crypto that directly serves our mission. International remittances are traditionally very expensive but crypto offers a new way to send funds home for migrant workers at incredibly low-, or even no-, cost without having to wait days for the funds to arrive.

“The value of low cost fund transfers can be easily overlooked by people from wealthier economies, but can be a vital lifeline for economically disadvantaged individuals in need of ways to make their earnings go further while supporting dependents thousands of miles away. Although $26 billion is still relatively small compared to global remittance volumes, we see this continuing to grow alongside crypto adoption as people begin to realise the ways the inefficiencies of traditional finance can be addressed by crypto.”

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Users of Binance have found that cryptocurrency remittances are not only advantageous in terms of cost savings, but also, due to their rapidity, may make a significant difference in the event of an emergency. Imed, a user from Algeria who uses Binance, provided a tale that described how a crypto transfer paid for life-saving emergency care for the kid of a family member who was located in France.

He commented:

“Binance Pay helped me understand the distinction between using crypto and local fiat currencies. While costs are nearly nonexistent when using cryptocurrencies, they can be significant with fiat. I am not just talking about monetary cost. I am talking about costs that cannot be quantified, such as someone’s health and someone’s life.”

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With the help of Binance Pay, another user, Diogo Mury from Brazil, was able to distribute relief funds to local victims of the flooding that occurred in Rio Grande do Sul last year. These funds enabled the victims to purchase essential supplies, such as food, water, medicine, and fuel, without having to wait for international transfers to arrive.

Binance Pay is a cryptocurrency payment technology that was designed by Binance. It is borderless, contactless, and 100% secure. Paying, sending, and receiving payments in over 300 different cryptocurrencies from friends and family located anywhere in the globe is made possible for users. By forming partnerships with thousands of retailers located all over the globe, Binance Pay has made it possible for customers to make purchases using more than 90 different cryptocurrency tokens.​