Overseas remittances via cryptocurrency exchanges in South Korea have surged by 380% over the past three years, significantly outpacing the 20% growth seen in traditional bank remittances. Last year, the total foreign currency remittance volume of South Korea's five major banks reached 1,590 trillion won ($1.22 trillion), up from 1,318 trillion won ($1.01 trillion) in 2022. In contrast, remittances through the country's five major won-denominated crypto exchanges increased from 34.02 trillion won ($26.2 billion) to 163.55 trillion won ($125.8 billion) during the same period. The rise in crypto remittances is attributed to lower transaction fees compared to banks, according to Dongguk University professor Hwang Seok-jin.