Average transaction cost of remittances (%)
Definition: Average transaction cost of remittances is the average of the total transaction cost in percentage for sending the local currency equivalent of US$ 200 charged by each single remittance service provider.
Description: The map below shows how Average transaction cost of remittances (%) varies by country. The shade of the country corresponds to the magnitude of the indicator. The darker the shade, the higher the value. The country with the highest value in the world is Korea, with a value of 19.24. The country with the lowest value in the world is Azerbaijan, with a value of 1.27.
Source: World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org
Development Relevance: The average cost of sending remittances provides a tool to measure progress towards the G20 commitment to reduce the cost of remittance services. Remittance cost is also higlighted in Sustainable Development Goal 10. Target 10.c calls for reducing to less than 3 percent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 percent by 2030.
Aggregation method: Unweighted average