PANews, June 23 – According to SBS Biz, overseas remittances through cryptocurrency exchanges in South Korea have surged by 380% over the past three years, while remittances through traditional banks grew by only 20%. Last year, the total foreign currency remittance volume of South Korea's five major banks reached 1,590 trillion won (approximately $1.22 trillion), up 20% from 1,318 trillion won (approximately $1.01 trillion) in 2022. Meanwhile, data from the office of lawmaker Kim Sang-hoon shows that during the same period, remittance volume through 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 rise in crypto remittances to their lower transaction fees compared to banks.