Millions of people around the world rely on sending money back home to support their loved ones. But what many do not realize is how much of that money gets consumed in fees along the way.
💸 The reality is frustrating. Imagine sending $200 to your family in Tanzania, only to lose $115 of it in fees alone. That's more than half - it disappears before it arrives. And this isn't just the case for Tanzania, where $53 is deducted in fees from Turkey, while $35 is deducted from Senegal. These aren't glitches; they are features of an old system that only a select few benefit from.
💼 Traditional banks and money transfer service providers dominate these payment systems, and due to a lack of competition, they impose high fees with no accountability. The result? A slow, expensive, and broken system that harms those who need support the most.
Even "cheap" transfers are a bad deal. Sending $200 to Switzerland or Sweden can cost $16. This is unacceptable when better solutions exist. If you've ever used a blockchain like Solana or Ethereum L2, you've seen it for yourself - transferring stablecoins worth thousands of dollars costs pennies and happens in seconds.
🧠 It's clear that the old financial system is not designed for global inclusion. The future lies in blockchain-based payment solutions - faster, cheaper, and more transparent.