This is a familiar story for millions of workers abroad. You work long and hard in a foreign country to support your family back home. You live within your means, carefully setting aside part of your earnings to send abroad. But when you finally initiate a transfer, you face the disheartening reality: huge amounts disappear in fees, the money takes days to arrive, and your loved ones are left anxiously waiting.
Sending money abroad is a lifeline for hundreds of millions of migrant workers, freelancers, small businesses, and families. These remittances fuel economies, provide critical support, and connect people across vast distances. However, despite their prevalence and deep impact, the remittance system remains stubbornly expensive, frustratingly slow, and suffers from a lack of transparency.
Why is it still so expensive and slow to send money abroad? In 2025, in our interconnected and globalized world, don’t we have the technology to solve this problem? Of course we do. It’s just not widely known.
Why is sending money abroad so difficult (and expensive)
It’s very easy to blame financial institutions, but in reality, high fees and inefficiencies are built into the system itself. It’s not just about ‘greedy banks,’ as some might think, but about complex structural factors related to transfers.
Here’s what’s wrong with the system:
Outdated infrastructure: At the core of international finance lies a large, interconnected correspondent banking network, where multiple intermediary banks act as links for international transactions. Each intermediary charges fees and increases processing time.
Regulatory barriers: Navigating the patchwork of regulations in different countries adds another layer of complexity (and cost). Each country has its own approach to compliance, anti-money laundering (AML) rules, and verification. Financial institutions must adhere to these diverse sets of rules, which naturally leads to higher operational costs and longer processing times.
Lack of competition in some regions: In some parts of the world, especially in developing countries or rural areas, there is very limited choice regarding sending and receiving money. This lack of competition allows traditional money transfer operators (MTOs) and cash-out networks to justify or maintain their high fees. Where there is a 'captured' audience, senders are forced to accept less favorable terms.
Fortunately, the international money transfer system is changing.
What needs to change (and what is already improving)
Everything is changing. International transfers are undergoing a revolution. While traditional systems and well-known names still dominate, innovative solutions are emerging that promise a faster and more accessible future for money senders. Surprisingly, many still do not know that solutions and advancements already exist, such as:
Fintech apps for transfers: A new wave of fintech companies has entered the market with different approaches to the old problem of money transfers, optimizing the process with new technologies. Their apps typically offer more transparent fee structures, competitive exchange rates, and faster transfer times. Finally, the user experience is streamlined and intuitive.
Mobile wallets and alternative payout methods: New types of mobile wallets have started to gain traction as a convenient and cost-effective way to send and receive funds internationally, especially in countries where most people have smartphones. In some cases, these digital accounts have completely eliminated the need for traditional banks. Similarly, alternative payout methods that offer direct transfers to mobile money accounts are becoming increasingly popular, reducing dependence on physical cash-out points.
Stablecoins and blockchain transfers: Perhaps the most groundbreaking innovation for those sending money abroad is the implementation or integration of blockchain technology. Stablecoins serve as a prime example: these cryptocurrencies, typically pegged to the US dollar, provide almost instantaneous and low-cost global transfers. Blockchain platforms also have a significant advantage, allowing users to completely bypass the traditional banking system, eliminating intermediaries and transfer fees.
As you can see, blockchain technology is changing how individuals and companies send money abroad.
How Deobanks are changing the way international money transfers work
One particularly interesting development that has emerged in this space is the Deobank, or decentralized on-chain bank. These blockchain-native platforms aim to replicate the functionalities of traditional banks and neobanks without the barriers of outdated infrastructure.
Deobanks can truly revolutionize cross-border money movement, starting with nearly zero fees, thanks to stablecoins. By utilizing these digital currencies, Deobanks can significantly reduce or even completely eliminate traditional transaction fees. The inherent efficiency of blockchain technology allows for sending money abroad in a truly cost-effective manner.
Unlike traditional transfers, which are known to take days to process, transactions using Deobank platforms, such as WeFi, will be completed within minutes, if not seconds, globally. Now, regardless of geographic distance, transfers will be executed quickly to meet any urgent financial needs.
What makes the Deobank system even more special is that it offers wallet-based access without the need to open a bank account. This means users can send or receive funds from anywhere using their phones or laptops, providing financial access to hundreds of millions of unbanked and underbanked people around the world. Some Deobanks offer non-custodial wallets, giving users full control over their funds, while others provide a custodial option for users who prefer the convenience of third-party support. This level of flexibility offers varying degrees of technical comfort and security preferences.
A leading example in the Deobank space is WeFi, which boasts a comprehensive set of features embodying the aforementioned advantages. They showcase the real potential of decentralized finance (DeFi) to transform how we move money across borders in 2025 and beyond.
The future of cross-border money transfers
High fees, slow processing times, and limited access are key issues that need to be overcome to create a new future for money transfers. With the rise of digital platforms and blockchain-based solutions, such as Deobanks, we already have a compelling solution for the masses. Finally, international money transfers can be fast, fair, and cheap!
In the meantime, it’s time for people to rethink how they send money abroad and whether they are ready to embrace the idea of using next-generation platforms. Are they satisfied with the current service, or is it worth trying something new and getting a much more efficient, accessible, and global service?
It’s time to tell those who send money abroad that there’s a better way.
#Deobank #WeFi #Cryptocard #stablecoin
PS: Be a pioneer in using the Deobank WeFi app. Download the app from the link in the first comment of the article.