A survey has revealed a significant increase in the use of cryptocurrency for money transfers around the world. The 20 countries that received the largest number of money transfers from the United States over the past year have been identified. The top 10 spots are held by Mexico, China, India, the Philippines, Vietnam, Guatemala, Nigeria, El Salvador, the Dominican Republic, and Honduras. The majority of these money transfers (76.8%) are intended for families. Almost half of respondents use PayPal and Western Union for transfers. 15.8% transfer funds in cryptocurrency, 25.7% use traditional bank transfers, and 12.2% prefer prepaid cards. 11.8% of respondents send money by mail, 11.5% use checks or online money transfers, and 8.9% send cash by mail. Specialists also calculated the fees charged by various payment systems. For example, when sending 500 dollars abroad, banks charge an average of 52.05 dollars, compared with 30.75 dollars for money transfer operators, 34.05 dollars withheld by the postal service, and 16 dollars charged by mobile carriers. Analysts at Clovr concluded that the money transfer industry is «ripe for radical change» thanks to the adoption of cryptocurrencies, which offer the cheapest and fastest way to transfer funds.
