Binance’s fee-free crypto remittance service has saved users $1.75 billion in fees between 2022-2024, processing $26 billion in transfers with an average transaction of $470.
While speaking at Davos, Binance CEO Richard Teng stated that Binance users have saved a total of $1.75 billion in remittance costs between 2022 and 2024. The reason behind this huge cost savings was due to the $26 billion in instant user-to-user crypto remittances.
The global remittance market is likely to grow to $913 billion this year. However, they are often expensive, as the IMF predicts that low-value remittances can cost as high as 15-20%.
Last year, Binance users sent an average of $470 in international crypto remittances. This shows that Binance is a preferred platform among users for low-value remittances in comparison to traditional platforms.
The World Bank reports that the average cost of international fiat remittances is 6.65%. Based on this, Binance users likely saved around $1.75 billion in fees by using Binance Pay for fee-free, instant crypto transfers instead of traditional fiat remittances. Speaking on the development, Binance CEO Richard Teng said:
“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”.
Binance Users Benefit Through Cost and Speed
Binance users said that apart from cost savings, crypto remittances offer an additional advantage in terms of speed of execution. Imed, a Binance user from Algeria, shared a compelling story about how a crypto remittance helped fund life-saving emergency treatment for the child of a family friend in France. He explained:
“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.”
Additionally, Binance data also reveals that last year in 2024, more than half a million female users accounted for over $4 billion in domestic and international crypto remittances. This highlights the growing role of cryptocurrency as a tool for financial inclusion and empowerment worldwide.
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