Binance Users Save $1.75 Billion in Remittance Fees Through Crypto Transfers

Binance users have saved a staggering $1.75 billion in remittance fees by using crypto transfers, moving a total of $26 billion between 2022 and 2024. Remittances, which are typically payments made by migrants to their families in their home countries, have been a critical financial lifeline for many people globally.

As remittance volumes are projected to reach a total of $913 billion this year, traditional remittance services remain costly. According to the World Bank, international remittance fees average around 6.65%, with some providers charging as much as 20% on smaller transfers, as highlighted by the International Monetary Fund.

In contrast, Binance offers its users a more efficient and affordable way to send remittances via Binance Pay. This service allows for instant crypto transfers with no additional fees, making it a compelling alternative to traditional remittance services.

To put this in perspective, the average remittance on Binance in 2024 was $470. If the same transaction were made through traditional financial services, it would typically incur nearly $31 in fees. By using crypto transfers on Binance, users can bypass these costs, contributing to the $1.75 billion in savings.

This announcement was shared by Binance CEO Richard Teng at the World Economic Forum in Davos, and it was further highlighted through a press release by Pinetbox.

Savings on Fees and Increased User Engagement

Beyond the remarkable savings, Binance has also seen impressive engagement in crypto remittances. In 2024 alone, over $4 billion was sent by more than half a million female users, showcasing the platform’s broad user base and the impact of low-fee, fast crypto transfers.

Speed is another crucial factor that differentiates crypto remittances from traditional services. In emergency situations, such as funding urgent medical treatments or providing disaster relief, crypto transfers can make a critical difference by providing funds almost instantly, a feature not offered by traditional remittance channels.

Although crypto remittances currently represent only a small portion of the overall global remittance market, Richard Teng remains optimistic about the future of digital assets in this space. As more people discover the efficiency and cost-effectiveness of cryptocurrencies over traditional financial systems, the growth of crypto remittances is expected to increase.

For many people, particularly those in lower-income regions, the ability to send money instantly and save on fees can be life-changing. This underscores the growing role that cryptocurrency can play in financial inclusion on a global scale.

The $1.75 billion in savings from Binance users highlights the significant potential of cryptocurrency in disrupting traditional financial systems, particularly in the remittance sector. As the market continues to expand, more users are likely to turn to crypto as a faster, cheaper, and more efficient alternative to traditional remittance services. With its ability to deliver instant transfers without additional fees, Binance and other crypto platforms are helping to reshape the way people send money across borders, improving financial access for millions worldwide.