Cross-border transactions are picking up steam, especially amid the pandemic.
As many as 32% of cross-border remittances are sent to friends and family in need. Nearly 41 million U.S. consumers sent money abroad in the last 12 months, and more than half have increased the frequency of those transactions and the amount of money that they sent.
In The Digital Currency Shift: The Cross Border Remittances Report, done in tandem with PYMNTS and Stellar Development Foundation, we surveyed more than 2,000 consumers sending money across borders. We found that consumers sending remittances have often met significant and highly variable fees. In a bid to embrace cheaper options, 24% of those consumers are using cryptos to send money internationally.
Drilling down into the type of P2P payments made within the last 12 months, more than 44% of individuals who live in the U.S. have made such payments, surpassed by the nearly 60% of millennials and bridge millennials who have done so. For specifically cross-border money flows, a total of 16% of all consumers have made those payments.
The average fee percentage to do so tops 6%.
And the wait can be long: The average period of time the recipient had to wait to receive and access the funds stood at about four days.
Technology is making inroads to streamlining and quickening those transactions, as roughly 50% of people sending money across borders have wielded mobile devices to do so.
Cross-border transactions are choosing up steam, particularly amid the pandemic.
As many as 32% of cross-border remittances are despatched to family and friends in want. Almost 41 million U.S. customers despatched cash overseas within the final 12 months, and greater than half have elevated the frequency of these transactions and the amount of cash that they despatched.
In The Digital Forex Shift: The Cross Border Remittances Report, executed in tandem with PYMNTS and Stellar Improvement Basis, we surveyed greater than 2,000 customers sending cash throughout borders. We discovered that customers sending remittances have typically met important and extremely variable charges. In a bid to embrace cheaper choices, 24% of these customers are utilizing cryptos to ship cash internationally.
Drilling down into the kind of P2P funds made inside the final 12 months, greater than 44% of people who reside within the U.S. have made such funds, surpassed by the almost 60% of millennials and bridge millennials who’ve executed so. For particularly cross-border cash flows, a complete of 16% of all customers have made these funds.
The typical payment share to take action tops 6%.
And the wait could be lengthy: The typical time frame the recipient needed to wait to obtain and entry the funds stood at about 4 days.
Expertise is making inroads to streamlining and quickening these transactions, as roughly 50% of individuals sending cash throughout borders have wielded cellular gadgets to take action.