Binance users saved $1.75 Billion in remittance fees through crypto transfers

Binance users have saved $1.75 billion in remittance fees since 2022 by using Binance Pay for instant cryptocurrency transfers. At the World Economic Forum in Davos, Binance CEO Richard Teng announced that users made $26 billion worth of transactions from 2020 -2024 to avoid traditional banking fees. Migrant workers rely heavily on remittances to transfer money back to their families. People who use standard ways to send money pay expensive service charges. IMF data shows fees climbing to 15-20% when dealing with small transactions. According to World Bank data , international fiat money transfers cost users an average of 6.65% per transaction. Female users made $4 billion worth of transfers in 2024 Binance data shows that users saved more money in 2024 by sending crypto using the platform since the average transaction was $470 compared to standard financial services. Female users contributed substantially to cryptocurrency transfers by sending $4 billion through domestic and international exchanges in 2024. Binance CEO Richard Teng explained how cryptocurrencies have helped people access financial freedom worldwide since the company’s launch. He said, “Crypto offers a new way for migrant workers to send funds home at incredibly low or even no cost without having to wait days for the funds to arrive.” Binance transactions sped up emergency payments An Algerian Binance user, Imed, successfully funded urgent medical care for a family friend’s child in France. He said, “While costs are nearly nonexistent when using cryptocurrencies, they can be significant with fiat.” Sometimes, a delay can cost “someone’s health and someone’s life.” Diogo Mury of Brazil used Binance Pay to provide quick emergency relief funds for Rio Grande do Sul flood victims during last year’s floods. Instant money transfers gave people quick access to buy crucial supplies, including food, water, and medicine, rather than waiting for standard banking to process these payments. Teng expects crypto remittances to grow beyond their current $26 billion mark as users discover the financial efficiency benefits of cryptocurrency. “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,” Teng said. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.