A recent article published by Coinbase (NASDAQ:)a cryptocurrency exchange, he says that most remittance fees charged in the United States for international transfers would not apply to similar transactions made in cryptocurrency.
According to the exchange’s research, “the average commission rate in the United States, at 6,18%means that Americans spend an average of nearly $12 billion a year on remittance fees.” The article goes on to say that the average transaction time for such remittances varies from 1 to 10 days, while similar cryptocurrency transactions usually take around 10 minutes.
Remittance payments are something of a “double whammy” for international transactions since they typically require both a sending fee than a conversion fee for exchanging between currencies.
Read the full text on Cointelegraph