Migrant workers embrace crypto to avoid traditional banking fees
Since 2022, Binance users have saved an estimated $1.75 billion in remittance fees by using Binance Pay for cryptocurrency transfers, the company announced at the World Economic Forum in Davos.
CEO Richard Teng highlighted how these transactions, totaling $26 billion from 2020 to 2024, bypass traditional banking fees, often as high as 6.65% per transaction, according to the Cryptopolitan.
For migrant workers who rely on remittances to support families back home, traditional money transfer services come with hefty fees, especially for small amounts.
The International Monetary Fund notes these charges can climb to 15-20%, putting a financial strain on economically vulnerable groups. Binance Pay offers an alternative: instant, low-cost transfers that help users keep more of their hard-earned money.
Empowering Women and Supporting Emergencies
Binance reported that in 2024 alone, only female users sent $4 billion in cryptocurrency through domestic and international exchanges, with an average transaction size of $470.
Teng emphasized that cryptocurrency provides greater financial freedom for individuals worldwide, allowing funds to be sent at near-zero costs and without delays.
Beyond remittances, cryptocurrency transfers have proven vital in emergencies. In Algeria, Binance user Imed used crypto to fund urgent medical care for a family friend in France. Similarly, during floods in Brazil’s Rio Grande do Sul, Diogo Mury utilized Binance Pay to quickly send relief funds for food, water, and medicine.
“Low-cost fund transfers can be a lifeline for individuals in economically disadvantaged communities,” Teng said, predicting continued growth in crypto remittances. With $26 billion already moved, the potential for cryptocurrency to redefine global finance is only beginning.
According to DefiLlama, Binance saw record success in 2024, with over $24 billion in user deposits. This surge was driven by a growing user base of 250 million and boosted by global crypto adoption and the launch of U.S. Bitcoin and Ethereum ETFs.
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