Traditional bank fees are outrageously high, and cross-border remittances on crypto exchanges have tripled in three years. This trend cannot be stopped.

According to SBS Biz, from 2022 to 2025, the cross-border remittance volume of the five major Korean won cryptocurrency exchanges increased from 34.02 trillion KRW to 163.55 trillion KRW, a surge of about 380%. Data from the office of South Korean National Assembly member Kim Sang-hoon shows that remittance growth through crypto exchanges is significantly faster than that of the banking system. Professor Hwang Seok-jin from Dongguk University Graduate School of International Information Protection believes that the higher fees for overseas bank remittances may lead some consumers to switch to lower-cost crypto exchanges.