Crypto Remittances

crypto remittances

Crypto Remittances. Cryptocurrency offers a quick and easy way for remitters to send money across borders at a lower fee. That’s why cryptocurrencies are a new way to send remittances!

Traditional remittance companies typically take around three days. Remittances, the practice of sending money “back home” from rich countries, makes up approximately 4% of the country’s GDP.

For remittances to continue to be a lifeline, they need to be fast. When money is needed, it is often needed instantly. Sometimes, for example, someone cannot wait three to five days for funds to clear; they need food, fuel, and medical supplies today. That’s why Crypto Remittances are a live saver!

With Crypto Remittances, you will be saving money and time!

We all know that a remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. According to World Bank figures, officially-recorded remittance flows to low and middle-income countries were around $540 billion in 2020. These figures are expected to rise fast in the years to come as globalization continues to accelerate.

Remittance Prices Worldwide, a publication of the World Bank, reports that the global average fee cost of sending a remittance payment, whether through a bank, by the post office, or through a dedicated transfer service like Western Union, was around 6.38 percent in the first quarter of 2021, based on an average retail transaction of $200.

That’s why we need dua pay!

dua pay is a remittance and payment wallet that will enable cross-border remittances at minimal cost for fragmented and diaspora communities.

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The launch of dua pay, will enable people to send money in form of stable cryptocurrencies, easily, very secure, and almost instantly for almost 0 fees. Thus, making international money transfers far more cost-effective and accessible than current traditional financial companies.

Beyond sending money, dua pay will allow customers to spend money at different online and offline merchants and earn interest on money – all together in one balance.

How can Crypto Remittance make a difference?

Cryptocurrency offers a quick and easy way for remitters to send money across borders at a lower fee. Traditional remittance companies typically take around three days. With crypto, remitters can drastically reduce the duration to one business day. Cost-wise, the remittance fee for traditional remittances averaged 6.5% in the fourth quarter of 2020, whereas the crypto transfer fee can be less than 1%.  The decentralized nature of crypto has enabled individuals to take control of their money. It’s therefore not surprising that people are ditching traditional money transfer channels for crypto remittance.

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