Crypto could eliminate 97% of traditional remittance fees: Coinbase
U.S. consumers sending international bank transfers pay more than $12 billion annually in remittance fees alone. A recent blog post from cryptocurrency exchange Coinbase indicates the vast majority of U.S. remittance fees for international transfers wouldn’t apply to similar transactions conducted using cryptocurrency. According to the exchange’s research, “The US average fee rate of 6.18%, means Americans' average yearly spend is likely close to $12 billion on remittance fees.” The post goes on to state that the average transaction time for such remittances ranges from one to 10 days, while similar cryptocurrency transactions usually take around 10 minutes. Remittance Payments represent a sort of ‘double whammy’ for international transactions as, typically, they require both a sending fee and a conversion fee to exchange between currencies. Cryptocurrency transactions, however, tend to cost significantly less. Per Coinbase, Bitcoin (BTC) transaction fees average approximately...