A report by a cryptocurrency focus research company Clovr, more than 15% of all remittances in the United States are done through cryptocurrencies.
The report surveyed more than 700 people in the United States on the topic of remittance, including destinations of transfer, purpose and the medium used. The results show that most of the remittance is received in 20 countries. Mexico lead with USD 30.02 billion, China with USD 16.14 billion and India with USD 11.72 billion.
Half of the surveyed people replied that they prefer to use PayPal or other money transfer services for remittance. A little over 25% prefer traditional banking services such as wire transfer, while 15.8% prefer to send money back home using cryptocurrencies.
Cryptocurrencies are gaining popularity for US residents who originate or have families in other countries. With an average cost of USD 52 for sending USD 500 home through banks, USD 30.75 for money transferring services and USD 16 for mobile operators, cryptocurrencies are the cheapest option available, with the same amount of transfer costing a little more than a few dollars at most.
The Clovr report covers the rise, saying, “People sending money home after they’ve migrated from other countries to the United States is a practice that will likely continue far into the future… As individuals look to make sure that as much of every dollar they send can make it back – as close to a one-to-one match as possible – digital payment options, like those presented by cryptocurrencies, can pique the interest of customers.”
The increasing trend definitely has benefits. The ability to transfer value cheaply, quickly and without hitches is what attracts people towards cryptocurrency.
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