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

Remittances are financial transfers typically 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, 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 crypto remittances via Binance Pay, which offers instant transfers without additional fees. 

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

This announcement was made by Binance CEO Richard Teng at the World Economic Forum in Davos and shared with Coin Insider Daily via a release. 

Savings on fees

Beyond the savings, Binance data shows significant user engagement in crypto remittances, with over $4 billion sent by more than half a million female users in 2024. The platform also highlights how crypto’s speed can make a critical difference in emergencies, such as funding medical treatment or disaster relief.

While crypto remittances currently account for a small portion of global volumes, Teng expressed optimism about growth as more users recognize the efficiency of digital assets over traditional financial systems.

For many in lower-income regions, the ability to save on fees and send funds instantly serves as a financial lifeline, further demonstrating crypto’s potential to enhance financial inclusion worldwide.