Cryptocurrency Remittances from the US Exploding

A survey conducted by Clovr shows that 15.8% of total remittances from the US are sent as cryptocurrency remittances. This statistic proves a surge in using cryptocurrencies to send money cross-border.

Date: 
December 26, 2018
Read time: 
2 minutes

Cryptocurrency Remittances from the US Exploding

Author: Ilija R
Date: 
December 26, 2018
Read time: 
2 minutes

A survey conducted by Clovr shows that 15.8% of total remittances from the US are sent as cryptocurrency remittances. This statistic proves a surge in using cryptocurrencies to send money cross-border.

A survey conducted by Clovr shows that 15.8% of total remittances from the US are sent as cryptocurrency remittances. This statistic proves a surge in using cryptocurrencies to send money cross-border.

85.7% of the people prefer using cryptocurrencies to traditional money transfer methods.

The Clovr Survey

The study was conducted on the US territory and surveyed 707 people which had the need to send remittances to their home countries. From the people surveyed, the study found out that the countries receiving the most remittances are:

  1. Mexico
  2. China
  3. India
  4. Philippines
  5. Vietnam

According to the data published by World Bank, $148 billion was sent from the US and to the home countries in 2017.

Cryptocurrency Remittances – a viable alternative?

Clovr’s breakdown of money transfer methods shows that more than 50% of people use either online services such as PayPal or money transfer services such as Western Union. Compared to that, 15.8 percent of the people use cryptocurrency and 25.7 percent who use traditional bank wire transfers or Credit Union.

The study clearly shows that a lot of people are using cryptocurrencies for sending remittances to their countries, but the real question is: Is cryptocurrency better than traditional service providers?

According to how satisfied people are with cryptocurrencies, yes. 85.7% of the people prefer using cryptocurrencies to traditional money transfer methods. This satisfaction is heavily driven by the cost of sending money itself. Traditional banking usually has enormous fees. Banks charge fees which amount to over 10% of the transaction. Other methods greatly vary in price, but usually, range from 3% to 5% fees. Cryptocurrencies are, however, faster and have fees which are lower than this.

As one of the main purposes of cryptocurrencies is to be borderless money, using it more and more for remittances is the natural course of events. Check out our learn section to get a better understanding of the cryptocurrency world.

 

Posted by Ilija R

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