Overseas remittances via crypto exchanges in South Korea surge 380% in three years, far outpacing banks

CoinFeed June 23 news, according to SBS Biz, over the past three years, overseas remittances through cryptocurrency exchanges in South Korea have surged 380%, while remittances through traditional banks grew only 20%. Last year, the total foreign currency remittance amount of South Korea's five major banks was 1,590 trillion won (approximately $1.22 trillion), up 20% from 1,318 trillion won (approximately $1.01 trillion) in 2022. Meanwhile, according to data from Representative Kim Sang-hoon's office, during the same period, the remittance amount of South Korea's five major won-denominated crypto exchanges jumped from 34.02 trillion won (approximately $26.2 billion) to 163.55 trillion won (approximately $125.8 billion), an increase of 380%. Dongguk University professor Hwang Seok-jin attributed the sharp increase in crypto remittances to lower transaction fees compared to banks.