Average transaction cost of sending remittances from a specific country (%) - Country Ranking

Definition: Average transaction cost of sending remittance from a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database from a specific country.

Source: World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org

See also: Thematic map, Time series comparison

Find indicator:
Rank Country Value Year
1 Angola 27.64 2017
2 Nigeria 18.30 2017
3 Thailand 16.91 2017
4 South Africa 16.57 2017
5 Cameroon 15.38 2017
6 Tanzania 14.40 2017
7 Pakistan 12.07 2017
8 Israel 11.23 2017
9 Japan 10.85 2017
10 Turkey 10.41 2017
11 Switzerland 9.89 2017
12 Czech Republic 9.85 2017
13 Sweden 9.59 2017
14 Kenya 9.48 2017
15 New Zealand 9.18 2017
16 Australia 8.84 2017
17 Ghana 8.66 2015
18 Netherlands 8.20 2017
19 Portugal 7.90 2017
20 Germany 7.57 2017
21 Belgium 7.50 2017
22 Dominican Republic 7.35 2017
23 Canada 7.29 2017
24 United Kingdom 7.01 2017
25 Austria 6.91 2017
26 France 6.57 2017
27 Rwanda 6.23 2017
28 Norway 6.22 2017
29 Italy 5.98 2017
30 United States 5.71 2017
31 Spain 5.63 2017
32 Qatar 5.26 2017
33 Saudi Arabia 5.10 2017
34 Korea 4.81 2017
35 Malaysia 4.65 2017
36 Brazil 4.64 2017
37 Jordan 4.57 2017
38 Singapore 4.55 2017
39 United Arab Emirates 4.32 2017
40 Chile 4.25 2017
41 Senegal 4.06 2017
42 Oman 3.87 2017
43 Costa Rica 3.33 2017
44 Kuwait 3.17 2017
45 Bahrain 3.17 2017
46 India 3.03 2017
47 Côte d'Ivoire 2.44 2017
48 Russia 2.13 2017

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Development Relevance: Reducing the cost of remittance transactions has a direct impact on development by freeing additional resources that, instead of being paid as transaction cost, will remain with the senders and receivers of the flows. Remittance cost is highlighted in Sustainable Development Goal 10. Target 10.c calls for reducing to less than 3 percent the transaction costs of migrant remittances and ensure that in no corridor remittance senders are required to pay more than 5 percent by 2030.

Limitations and Exceptions: Remittance service providers (RSPs) are excluded when they do not disclose the exchange rate applied to the transaction.

Statistical Concept and Methodology: The World Bank calculates and tracks the global average cost for sending remittances following each iteration of Remittance Prices Worldwide (RPW). This is intended to provide a tool to track the trend of remittance prices by various policy makers, including measuring progress towards the commitment by the G8 member countries to reduce the cost of remittances by five percentage points over five years (the “5x5 Objective”), as well as the commitment by the G20 member countries to also reduce the global average to 5 percent. The Global Average Total Cost is calculated as the average total cost for sending USD 200 with all remittance service providers (RSPs) worldwide. In other terms, the global average total cost is the simple average of the total cost for sending USD 200 charged by each single RSP included in the RPW database, expressed as the percentage of the amount sent. The regional and national average total costs are calculated using the same methodology used to calculate the Global Average Total Cost. These represent the simple average total cost for sending USD 200 with every single RSP from a specific region of the world (regional), or from a specific country (national). The same applies to other averages such as the G8 average, which calculates the average cost of sending USD 200 from the G8 member countries, or the bank average, which represent the average cost of sending USD 200 with a bank worldwide. The reference years reflect third quarter data here; for example, data for 2016 refers to data in the third quarter of the year. For all quarterly data, visit http://remittanceprices.worldbank.org.

Aggregation method: Unweighted average

Periodicity: Quarterly (represented as Annual)