Overseas Crypto Transfers Cost 96.7% Less

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Americans spend more than US$12 billion on remittance fees every year when sending money to family and friends living abroad using the traditional financial system. However, sending remittances abroad using Bitcoin and Ethereum costs 96.7% less, according to a study by Coinbase, one of the largest crypto exchanges based in the United States.

See Related Article: Ripple Partners with Novatti to Use XRP for Asia-Pacific Remittances

Quick FactsThe average fee rate in the United States of 6.18% means the average annual spending by Americans is likely close to US$12 billion in remittance fees. You shouldn’t have to spend money to send money, Coinbase said in an April 3 blog post. Sending Bitcoin to another wallet costs an average of $1.50 per transaction, while an Ethereum transaction costs $0.75, Coinbase said. Transferring funds through the traditional banking system takes an average of 1-10 days as it has to go through many intermediaries and functions during fixed opening hours. The average wait time for crypto transfers is around 10 minutes, Coinbase said. Nearly one billion people around the world depend on remittances, whether sending or receiving them, and nearly 800 million people depend on money sent by family members living elsewhere for work. , according to the United Nations. We need our US regulators to see the true value of responsible crypto products and services and their ability to update an outdated system, Coinbase said. See related article: South Korean and South African banks team up for stablecoin-based remittances

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