A recent blog post by Coinbase has highlighted that US consumers spend more than $12 billion annually in remittance fees for international bank transfers. These fees are a double burden, with the need to pay both sending and conversion fees to exchange between currencies. However, Coinbase’s research shows that cryptocurrency transactions cost significantly less, with Bitcoin transaction fees averaging around $1.50 and Ether averaging $0.75.
The fees are 96.7% cheaper than traditional remittance methods, which average 6.3%, according to the World Bank. With more than 1 billion people relying on remittances, the global adoption of cryptocurrency could disrupt how the financial industry handles associated fees.
