Workers all over the world send money home to support their families. For them every single dollar counts. But the cost to send these cross-border payments can be incredibly high 🤑
😱 It's incredible how much it costs to send your own money to family. The latest data shows a shocking reality. Sending $200 to Tanzania can cost you $115 in fees. The money is cut in half before it even gets there.
The problem is widespread. Sending that same $200 to Türkiye costs $53. For Senegal it's a $35 fee. This isn't an accident. It's how the old system is built to take a large cut 💸
When just a few big banks control the pathways they can set whatever fees they want. The system is slow, expensive, and works against regular people trying to support their family.
🙄 And even the so called cheaper options are not ok. Paying $16 to send $200 to Switzerland or Sweden is still insane. If you have ever used an Ethereum L2 or Solana you know what's possible. Sending $100k in any stablecoin takes a few seconds and costs about $0.001 in gas fees.
The traditional banking system is clearly not the answer. I think the only way forward is with new technology. Banks know this and they have two choices: actively fight crypto and lose, or capitulate and integrate new payment systems to gain their market share 🔗