đ Millions of people across the globe rely on sending money back home to support their loved ones. But what many donât realize is how much of that money gets eaten up by fees along the way.
đž The reality is frustrating. Imagine sending $200 to your family in Tanzania, only for $115 of that to be lost in fees alone. Thatâs more than halfâgone before it even arrives. And itâs not just Tanzania. TĂŒrkiye takes a $53 cut, while Senegal takes $35. These arenât glitchesâtheyâre features of an outdated system that benefits a select few.
đŒ Traditional banks and remittance providers dominate these payment rails, and because thereâs little competition, they set high fees with no accountability. The result? A slow, costly, and broken system that hurts the very people who need support the most.
Even âcheaperâ transfers are a bad deal. Sending $200 to Switzerland or Sweden can still cost $16. Thatâs unacceptable when we know better solutions exist. If youâve ever used a blockchain like Solana or an Ethereum L2, youâve seen it firsthandâtransferring stablecoins worth thousands costs fractions of a cent and settles in seconds.
đ§ Itâs clear the legacy financial system isnât built for global inclusivity. The future lies in blockchain-based payment solutionsâfaster, cheaper, and more transparent. Banks can either resist this inevitable shift and risk losing relevance