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According to CEO Richard Teng during a speech at the World Economic Forum in Davos, Binance is transforming the field of remittance. Through its work, its users have saved almost $1.75 billion in fee payments. This achievement comes through $26 billion in real-time, peer-to-peer transfers of cryptocurrencies between 2022 and 2024, all courtesy of Binance.
The role of remittance in a healthy, growing economy cannot be understated, with estimates suggesting a whopping value of $913 billion in 2024. For financial immigrants, these amounts serve to care for families, tackle poverty, and bridge inequality, but sending them through conventional channels comes with prohibitively high fee payments. According to a report commissioned for the International Monetary Fund, low-value payment fees can vary between 15 and 20%.
The amounts transferred through Binance
In 2024, the average value of international transfers between users at Binance reached about $470. Those who avoided traditional financial networks probably saved billions in fee payments. That fact attests to the cost-effectiveness of cryptocurrencies, particularly for those living off small sums of money.
Global remittances, a lifeline for countless families, will grow to more than a trillion dollars in 2025. Meanwhile, traditional remittance channels are notoriously costly, with fees reaching a whopping 15-20%, according to the International Monetary Fund. By contrast, Binance's new and free crypto remittance platform, Binance Pay, is shaking up this traditional model.
Fiat and crypto remittance - the difference
Based on estimates from the World Bank, an average fee of 6.65% is normally placed for foreign fiat remittance. In contrast, feeless crypto remittance through Binance Pay saved an estimated $1.75 billion for its users. That astounding saving attests to cryptocurrencies' impact in changing cross-border payments, providing a quick and cheap alternative for such transactions.
Crypto for empowerment
In the period 2024, over 500,000 female users conducted both domestic and cross-border remittance transactions worth over $4 billion, according to a report filed by Binance. This figure confirms that cryptocurrencies have an important role in financial inclusion and in empowering marginalized communities worldwide. Women, particularly in disadvantaged communities, have increasingly adopted cryptocurrencies for use in overcoming traditional banking restrictions and accessing important financial services.
A dream come true
Richard Teng, CEO of Binance, stated that since its early days, Binance dreamed of a future in which financial freedom for all is a reality. He believed that cryptocurrencies have a tremendous potential to change lives by creating a level field and providing financial access to communities long disenfranchised worldwide. Historically, cross-border payments have involved high expenses; but with cryptocurrencies, for the first time, users have a breakthrough solution that enables workers abroad to pay family and friends at incredibly low, even zero, cost, free of the infuriating waits that often afflict conventional money transfers.
Teng also 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 realize the ways the inefficiencies of traditional finance can be addressed by crypto.”
Cheap, quick payment
The use of cryptocurrencies is growing, but Binance stands to contribute even more towards financial efficiencies and increased access. The hope for cheap, quick payments continues to resonate with citizens worldwide. Binance continues to work towards developing new, effective solutions that adapt to changing community requirements, with financial tools becoming ever more accessible and efficient.
Real-life use
Beyond the mere efficiency of expense, the velocity of cryptocurrency remittance can actually save lives in dire circumstances. An Algerian Binance user shared a testimony in which a payment through Binance Pay facilitated timely medical care for a family acquaintance's kid in France.
Saving lives
"I saw with my own eyes the sharp contrast between transacting in cryptocurrencies and in traditional currencies via Binance Pay," he said. "The fee with cryptocurrencies is negligible; with traditional currencies, it can make a big difference." I'm not speaking in terms of mere expenses but in terms of immeasurable tolls, such as a life and an individual's well-being.
Building homes
In a similar case, another user in Brazil utilized Binance Pay to disperse humanitarian relief in the aftermath of Rio Grande do Sul's catastrophic flooding. The quick transfers helped victims purchase basic goods, bypassing traditional payment processing timelines. Cases such as these illustrate cryptocurrencies' capabilities in extending beyond mere financial value and positively impacting lives.
About Binance
Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 250 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means. For more information, visit: https://www.binance.com
About Binance Pay
Binance Pay is a secure, contactless, and boundaryless payment platform for Bitcoin, carefully designed by Binance. With its ease of use, one can pay, receive payments, and make transactions in over 300 cryptocurrencies, connecting family, friends, and companies worldwide.
Backed by over 90 cryptocurrencies, such as famous ones including USDT, USDC, BTC, BNB, ETH, SOL, ADA, XRP, DOGE, LTC, SHIB, and PEPE, Binance Pay succeeds through its integration with a variety of merchants worldwide.
Frequently asked questions
How much have Binance users saved in remittance fees?
Between 2022 and 2024, Binance users saved an estimated $1.75 billion in these fees.
How many cryptocurrency remittances did Binance settle between 2022 and 2024?
Over that timeframe, Binance facilitated $26 billion in peer-to-peer cryptocurrency transactions.
What is Binance's 2024 average value of a foreign transfer?
The average value of a transfer ranged from about $470.
How is Binance's remittance fee compared to traditional banking?
Traditional remittance channels have an average fee of 6.65%, but Binance Pay distinguishes itself with feeless transfers.
How does cryptocurrency remittance benefit poor communities?
It brings critical financial access, circumvents banking restrictions, and enables cheap transfers.
What is Binance's overall objective in financial service?
Binance seeks to use cryptocurrency to drive increased financial access and efficiency.
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