Bitcoin gains traction as vehicle for sending remittances home to Mexico Workers in the US are finding crypto platforms cheaper and more efficient
Published on Monday, May 10, 2021
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As cryptocurrency grabs more and more headlines in the financial news, it is increasingly the chosen method for many Mexicans working in the United States to send home remittance payments.
Last year, working migrants sent over US $40 billion to their families back home, 2.5-3% of which was processed by Mexico’s major cryptocurrency platform, Bitso, a total of $1.2 billion.
Crypto platforms offer a vastly cheaper rate for sending those payments. Bitso charges commissions as low as $1 per $1,000 sent, while international transfer companies like Western Union charge an average fee of 10.9% per transaction.