Remittance Prices Worldwide - Issue 47, September 2023
03
Remittance Prices Worldwide - Issue 47, September 2023
3
Key findings
• The Global Average decreased from 6.20 percent in Q2 2023 to 6.18 percent in Q3 2023.
• The International MTO Index experienced a decrease over the quarter to 6.29 percent in Q3 2023,
from 6.46 percent in Q2 2023.
• The Global Weighted Average increased to 4.78 percent in Q3 2023 from 4.53 percent in Q2 2023.
• The Global SmaRT Average for Q3 2023 was recorded at 3.36 percent (down from 3.55 percent in
Q2 2023). Twenty-two corridors did not have any SmaRT qualifying services.
• The Digital remittances index increased from 4.60 percent in Q2 2023 to 4.84 percent in Q3 2023.
• The Digital-only MTO index experienced an increase to 3.92 percent in Q3 2023 from 3.61 in Q2.
• South Asia remains the lowest cost receiving region, with an average cost of 5.44 percent. Sub-
Saharan Africa remains the most expensive region to send money to, recorded at 7.39 percent total
average cost in Q3 2023.
• Banks remain the most expensive type of service provider, with an average cost of 11.48 percent.
• The proportion of corridors with average costs of less than 5 percent has increased considerably
since Q1 2009 (from 17 percent to 37 percent in Q3 2023).
• In Q3 2023, mobile money remains the lowest cost instrument to originate remittances and was also
the lowest cost instrument to receive remittances.
• Due to the ongoing Russia-Ukraine war, RPW did not include any data on corridors originating in the
Russian Federation in Q1 and Q2 2022. In Q3-Q4 2022 and Q1-Q3 2023, only publicly available
Overview
Remittance Prices Worldwide (RPW) monitors remittance prices across all geographic regions of the
world. Launched in September 2008,
RPW monitors the cost incurred by remitters when sending money
along major remittance corridors. RPW is used as a reference for measuring progress towards global
cost reduction objectives, including the G20 commitment to reduce the global average to 3 percent,
which is being pursued in partnership with governments, service providers, and other stakeholders.
Since Q2 2016, RPW covers 48 remittance sending countries and 105 receiving countries, for a total of
367 country corridors worldwide. RPW tracks the cost of sending remittances for four main RSP types:
Banks, MTOs, Mobile Operators, and Post Offices. MTOs include both traditional providers and
innovative/fintech players. On average, 21.5 services per corridor are tracked.
This Report uses data from RPW’s most recent release to analyze the global, regional, and country
specific trends in the average cost of migrant remittances.
FXC Intelligence provides the underlying data used in the RPW.
Overview
Remittance Prices Worldwide (RPW) monitors remittance prices across all geographic regions of the
world. Launched in September 2008,
RPW monitors the cost incurred by remitters when sending money
along major remittance corridors. RPW is used as a reference for measuring progress towards global
cost reduction objectives, including the G20 commitment to reduce the global average to 5 percent,
which is being pursued in partnership with governments, service providers, and other stakeholders.
Since Q2 2016, RPW covers 48 remittance sending countries and 105 receiving countries, for a total of
367 country corridors worldwide. RPW tracks the cost of sending remittances for four main RSP types:
Banks, MTOs, Mobile Operators, and Post Offices. MTOs include both traditional providers and
innovative/fintech players. On average, 21.7 services per corridor are tracked.
This Report uses data from RPW’s most recent release to analyze the global, regional, and country
specific trends in the average cost of migrant remittances.
FXC Intelligence provides the underlying data used in the RPW.
Overview
Remittance Prices Worldwide (RPW) monitors remittance prices across all geographic regions of the
world. Launched in September 2008,
RPW monitors the cost incurred by remitters when sending money
along major remittance corridors. RPW is used as a reference for measuring progress towards global
cost reduction objectives, including the G20 commitment to reduce the global average to 5 percent,
which is being pursued in partnership with governments, service providers, and other stakeholders.
Since Q2 2016, RPW covers 48 remittance sending countries and 105 receiving countries, for a total of
367 country corridors worldwide. RPW tracks the cost of sending remittances for four main RSP types:
Banks, MTOs, Mobile Operators, and Post Offices. MTOs include both traditional providers and
innovative/fintech players. On average, 21.7 services per corridor are tracked.
This Report uses data from RPW’s most recent release to analyze the global, regional, and country
Remittance Prices Worldwide - Issue 47, September 2023
4
online data on corridors originating in Russia were collected, i.e., mystery shopping or data collection
via APIs were not employed. Due to this deviation in data collection methodology, these services
were not included in the main analysis in Q3 2023 (as well as in Q3-Q4 2022 and Q1-Q2 2023);
instead, the data are presented in Annex V.
• In Q3 2023, eleven were moved from the prospects index to the main analysis, after demonstrating
consistency, materiality and diversity. In the same quarter, thirty-five new services were added to the
prospects index. RPW will continue to monitor and include new services when and where relevant
using the prospects index.
Remittance Prices Worldwide - Issue 47, September 2023
5
Table of Contents
Overview........................................................................................................................... 3
Key findings ...................................................................................................................... 3
Progress tracker ............................................................................................................... 6
Number of corridors in the Q2 2023 dataset ..................................................................... 6
Prospects index ................................................................................................................ 6
Global trends .................................................................................................................... 7
Global average experiences a decrease ............................................................................................................... 7
International MTO Index .................................................................................................................................... 8
Global weighted average ..................................................................................................................................... 8
Smart Remitter Target (SmaRT) ......................................................................................................................... 9
Trends in corridor average total costs ............................................................................................................... 11
G8 and G20 countries ..................................................................................................... 11
Cost of sending remittances from G8 countries ................................................................................................ 11
Cost of sending remittances from and to G20 countries ................................................................................... 12
Regional trends .............................................................................................................. 14
Cost structure ................................................................................................................. 15
Cash vs. Digital Services ................................................................................................................................... 15
Costs by RSP Type ............................................................................................................................................ 16
Costs by Sending and Receiving Method ......................................................................................................... 17
Annex I – Tables ($200) ................................................................................................. 20
Annex II - Cost Trends for Sending $500 ........................................................................ 22
Global trends for sending $500 ......................................................................................................................... 22
Global average total cost .................................................................................................................................................... 22
International MTO Index .................................................................................................................................................... 23
G20 Countries ................................................................................................................................................... 23
Cost of sending remittances from and to G20 countries ................................................................................................... 23
Annex III – Tables ($500) ................................................................................................ 26
Annex IV – Prospects Index ............................................................................................ 27
Annex V – Corridors from Russia .................................................................................... 30
Remittance Prices Worldwide - Issue 47, September 2023
6
Progress tracker
RPW indicators are used to measure the progress towards targets of global efforts for the reduction of
remittance costs. The UN SDGs and the G20 have indicated a target of 3 percent for the Global Average
to be reached by 2030.
1
At the same time, the UN SDGs and the G20 have also committed to ensuring
that in all corridors, remittances can be transferred for 5 percent or less.
The figure below summarizes the progress towards these three targets.
Number of corridors in the Q3 2023 dataset
The Q3 2023 dataset includes data from 351 corridors (excluding 13 originating in Russia, and 3
originating in Nigeria). Due to the ongoing Russia-Ukraine war, RPW did not include any data on corridors
originating in the Russian Federation. In addition, remittance service providers (RSPs) have still not
resumed outgoing remittance operations in Nigeria due to the Central Bank of Nigeria banning all
outbound transfers from the country.
Prospects index
Since Q1 2022, RPW data collection would be used to also monitor new services via a prospects
index. These new services could be candidates for inclusion in the main index in the future subject to
them meeting certain requirements. Please see Annex IV for details.
1
The G8 (L’Aquila, 2010) and the G20 (Cannes, 2011 and Brisbane, 2014) committed to reduce the Global Average Total
Cost to 5 percent. The G20 aligned with the UN’s 2030 Agenda to include cost reduction targets set under SDG 10.c. In
addition, through the G20 Roadmap for Enhancing Cross-Border Payments, the G20 reaffirmed SDG 10.c for remittance
costs. World Bank’s Remittance Prices Worldwide database will be used to monitor several targets on remittances in the
Roadmap, including those on cost, speed and transparency. See FSB (2021), Targets for addressing the four challenges of
cross-border payments (https://www.fsb.org/wp-content/uploads/P131021-2.pdf) and FSB (2022), Developing the
Implementation Approach for the Cross-Border Payments Targets (https://www.fsb.org/wp-content/uploads/P171122.pdf).
Until now, RPW has been reporting on the G8/G20 remittance target of 5%. In line with the G20 affirmation of the SDG 10.c
remittance price targets, starting with Q1 2023 edition of the RPW Quarterly Reports, the reporting is being adjusted to keep
only SDG 10.c. There has been no change in methodology.
Remittance Prices Worldwide - Issue 47, September 2023
7
Global trends
Global average experiences a decrease
In Q3 2023, the Global Average cost for sending remittances was 6.18 percent, a minute decrease from
6.20 in Q2 2023. The Global Average has remained below 7.00 percent since Q1 2019 (see Figure 1
below and Table 1 in the Annex). Overall, this represents a decline of 3.49 percentage points since Q1
2009, when the figure was recorded at 9.67 percent. In Q3 2023, the global average for digital remittances
was recorded at 4.84 percent, while the global average for non-digital remittances was 6.77 percent.
Digital services account for 30% of all services RPW collected in Q3 2023.
2
Figure 1 Trends in the global cost of sending $200 in remittances
3
2
A digital remittance must be sent via a payment instrument in an online or self-assisted manner, and received into a transaction account,
i.e., bank account, transaction account maintained at a non-bank deposit taking institution (say a post office), mobile money or e-money
account.
3
Figures for the global average were adjusted in Q1 2014 following a clean-up of the entire database. Some values slightly vary from figures
published prior to Q1 2014.
Remittance Prices Worldwide - Issue 47, September 2023
8
International MTO index
The International MTO Index tracks the prices of MTOs that are present in at least 85 percent of corridors
covered in the RPW database.
4
In Q3 2023, the International MTO Index recorded a decrease to 6.29
percent from the previous value of 6.46 percent in Q2 2023. Over the year, this figure was up by 0.36 of
a percentage point, recorded at 5.93 percent in Q3 2022. This figure has come down by 4.07 percentage
points from its first recorded value of 10.36 percent in Q1 2009. In Q3 2023, the digital-only MTO Index
recorded at 3.92 percent, an increase from 3.61 percent in Q2 2023.
5
The digital-only MTO Index has
consistently remained below both the International MTO Index and the global average.
Figure 2 Trends in International MTO Index & Digital-only MTO Index
Global weighted average
The global weighted average total cost accounts for the relative size of the flows in each remittance
corridor.
6
This, as illustrated in Figure 3 (see also Table 1 in the Annex), has at times shown a different
4
The International MTOs Index includes all MTOs that are present in over 85 percent of RPW corridors. Thus far, it has included Western
Union and MoneyGram, which operate in 95 percent and 90 percent of the country corridors covered in the database, respectively.
5
A digital-only MTO refers to money transfer operators that send remittances predominantly through digital channels. The digital-only MTO
index includes five digital-only MTOs, Wise, Remitly, WorldRemit, InstaReM and Xoom. Some of these providers also have physical channels.
6
It is important to note that, while official data on remittance flows by bilateral corridors are currently not available, estimates (Ratha and
Shaw 2007, the 2018 version, available at
Remittance Prices Worldwide - Issue 47, September 2023
9
pattern from the simple average. In Q3 2023, the Global Weighted Average was recorded at 4.78 percent.
This figure has been recorded below 5.00 percent since Q4 2020. Over the last five years, this figure has
decreased by approximately 0.52 percentage points – recorded at 5.29 percent in Q3 2018.
Figure 3 Trends in Global weighted average & SmaRT average
Smart Remitter Target (SmaRT)
To complement the Global Average and Global Weighted Averages described above, the World Bank
introduced the SmaRT indicator in Q2 2016, which aims to reflect the cost that a savvy consumer with
access to sufficiently complete information could pay to transfer remittances in each corridor. SmaRT is
calculated as the simple average of the three cheapest qualifying services for sending the equivalent of
$200 in each corridor and is expressed as a percentage of the total amount sent. In addition to
transparency, services must meet additional criteria to qualify for being included in the SmaRT calculation,
including transaction speed (five days or less), and accessibility, determined by geographic proximity of
http://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/migration-remittances-data) have been used in this calculation.
These estimates are based on the Balance of Payments (BOP) and factor in migrant stocks, destination country incomes, and source country
incomes. The methodology for these estimates has been questioned, as well as the accuracy of official data on remittance flows and migrant
stocks. However, this still represents the only available comprehensive dataset on bilateral remittance flows. It also seems likely that overall,
the dataset is sufficiently accurate to reflect at least the proportion between the different corridors, hence offering a good approximation to
weight the relevance of each corridor in terms of flow size.
Remittance Prices Worldwide - Issue 47, September 2023
10
branches for services that require physical presence, or access to any technology or device necessary to
use the service, such as a bank account, mobile phone, or the Internet.
7
In Q3 2023, the Global SmaRT
Average was recorded at 3.36 percent.
The potential of SmaRT can be appreciated even more at the corridor level, where the indicators can
inform policy actions by identifying limitations at a more granular level. In Q3 2023, 22 of the 354
8
corridors
did not have any SmaRT qualifying services, indicating that in these corridors there is an issue with either
access or reach of services, or a lower level of competition. Of these 22 corridors, fourteen are destined
for Sub-Saharan Africa, four for the Middle East and North Africa, three for South Asia, and one for Latin
America and the Caribbean. An overwhelming majority of these corridors have low Internet penetration
and/or have low transaction account penetration, which indicate that access to the Internet and accounts
should be proactively targeted in these regions as a means of encouraging more diverse payment and
remittance services offering. Majority of the receiving countries in this group have a “Green Light” SmaRT
rating for accessibility to Cash, and majority (15 out of 22 – see Box 1) have a “Green Light” rating for
Mobile services (measured by availability of cash services and number of cellular subscriptions per 100
persons).
Box 1 - Corridors without SmaRT qualifying services with “Green Light” rating for mobile
services
Angola to Namibia
Ghana to Nigeria
India to Bangladesh
India to Pakistan
India to Sri Lanka
Qatar to Sudan
Qatar to Egypt, Arab Rep
Nigeria to Benin
Nigeria to Mali
Nigeria to Togo
Jordan to Syrian Arab Rep.
Saudi Arabia to Syrian Arab Rep.
Netherlands to Suriname
Saudi Arabia to Sudan
United Arab Emirates to Sudan
Note: In Q3 2023, RPW continues to experience difficulties in collecting data on all outbound services from Nigeria. In
addition, data on services originating in the Russian Federation (13 corridors) were not included. Therefore, for Q3 2023,
RPW reports no qualifying services in these 16 corridors, three of which are listed in this Box in italics.
The UN SDGs committed to ensure that, by 2030, it should be possible to send remittances for 5 percent
or less in every corridor. The SmaRT averages are used as a reference for this indicator, reflecting the
fact that in any given corridor there are services available to customers that meet the requirements
described above, while also on average offering a cost that is in line with the UN SDG. As of Q3 2023, 75
percent of all corridors covered in the RPW database had SmaRT corridor averages below 5 percent.
9
7
For additional information on the methodology used to calculate SmaRT see
https://remittanceprices.worldbank.org/sites/default/files/smart_methodology.pdf
8
The number of corridors excludes the 13 corridors originating in Russia.
9
Please note that this figure excludes the 13 corridors which originate in Russia.
Remittance Prices Worldwide - Issue 47, September 2023
11
Trends in corridor average total costs
Figure 4 shows that compared to Q1 2009, the proportion of corridors with average costs of less than 10
percent has increased considerably, showing an overall increase of share by 31 percentage points (53
percent of corridors in Q1 2009, compared to 82 percent of corridors in Q3 2023). This shift is naturally
accompanied by a decrease of share of corridors exhibiting total costs over 15 percent (18 percent of
corridors compared to 3 percent of corridors). In the 10-15 percent total cost category there are 10 percent
of corridors in Q3 2023, compared to 29 percent of corridors in Q1 2009. Year over year since Q1 2019,
this gradual shift is visible. Of the 6 corridors with costs above 20 percent in Q3 2023, five originate in
Sub-Saharan Africa and three are destinated for Sub-Saharan Africa. In the figure below, corridor average
total costs for all outbound services from Nigeria remain unavailable. Corridor average total costs for
services originating from Russia are also not included. These 16 corridors are shown as “NA” in Figure 4.
Figure 4 Distribution of Average Total Costs
G8 and G20 countries
Cost of sending remittances from G8 countries
The G8 countries include several of the major remittance sending countries in the world.
10
The average
cost for sending remittances from the G8 countries increased from 5.83 percent in Q2 2023 to 5.87 percent
in Q3 2023. Over the year, this figure decreased by 0.11 of a percentage point (from 5.98 percent in Q3
2022). The largest increase in total average cost to send remittances is seen in Italy (5.36 percent to 5.62
percent), followed by United Kingdom (5.82 percent to 5.97 percent), the United States (5.66 percent to
5.77 percent), France (5.98 percent to 6.07 percent), and Japan (7.09 percent to 7.12 percent). The largest
decease is seen in Canada (6.45 percent to 5.96 percent), followed by Germany (5.84 percent to 5.62
10
As the dataset did not include data on corridors originating from Russia collected in the same way as from other sending countries, the
G8 and G20 figures reported do not include data on these corridors from Russia.
Remittance Prices Worldwide - Issue 47, September 2023
12
percent).
Figure 5 Total average over time in G8 countries
Cost of sending remittances from and to G20 countries
The cost of remitting from G20 countries experienced a small increase to 6.33 percent in Q3 2023, as
shown in Figure 6 (also see Table 3 in the Annex).
Figure 6 Average cost of sending $200 from G8 and G20 countries
South Africa remains the costliest G20 country to send remittances from (see Figure 7). This is despite
an overall decrease from its peak in Q1 2013, when the cost of sending from South Africa was more than
20 percent. In Q3 2023, remitting from South Africa incurred an average cost of 11.62 percent, a decrease
Remittance Prices Worldwide - Issue 47, September 2023
13
from its recorded value of 13.90 percent in Q2 2023. The cost of sending from the second most expensive
G20 sending country – Brazil – was recorded at 7.61 percent in Q3 2023. The Republic of Korea is the
least expensive G20 sending country, recorded at 4.72 percent, followed by Saudi Arabia (5.52 percent),
Italy (5.62 percent), Germany (5.62 percent), Australia (5.72 percent), the United States (5.77 percent),
Canada (5.96 percent), the United Kingdom (5.97 percent), and France (6.07 percent).
Figure 7 Average cost of remitting from G20 countries
Figure 8 Average cost of sending $200 to G20 countries
Remittance Prices Worldwide - Issue 47, September 2023
14
Figures 8 and 9 display the total average cost of sending $200 to G20 countries over time and in Q2 2023,
respectively (see also Table 4 in the Annex). The average cost of sending money to the G20 countries
that are included in RPW as receiving markets was recorded at 5.55 percent in Q3 2023.
Apart from a few quarters, the average cost of sending money to the G20 countries has followed the
pattern of the Global Average. Since Q2 2017, the cost of remitting to G20 countries is recorded below
the Global Average. In Q3 2023, South Africa (7.17 percent) is the most expensive country in this group
to remit to, followed by China (6.46 percent). Costs for sending remittances to Brazil, Indonesia, India,
Mexico, and Türkiye were recorded below 6 percent. Mexico remained the cheapest receiving market in
the G20 group, recorded at 4.70 percent.
Figure 9 Average cost of remitting to G20 countries, by Country
Regional trends
Figure 10 Average costs over time by region of the world
Remittance Prices Worldwide - Issue 47, September 2023
15
The cost for remittance services varies significantly depending on the region where the money is being
sent to (see Figures 10 & 11 below and Table 5 in the Annex). South Asia (SA) experienced the largest
increase from 4.31 percent to 5.44 percent, followed by Middle East and North Africa (MNA). Sub-Saharan
Africa (SSA) experienced the largest decrease from 7.92 percent to 7.39 percent, followed by Latin
America and the Caribbean (LAC), Europe & Central Asia (ECA), and East Asia and Pacific (EAP).
Figure 11 Average costs by region of the world
Cost structure
Cash vs. digital services
Figure 12 Average costs by region: cash vs digital services
Remittance Prices Worldwide - Issue 47, September 2023
16
Figure 12 further compares the costs for remittance services among different regions, by breaking down
the cost into two components: fee and foreign exchange (FX) margin. Within each region, Figure 12
differentiates between digital and non-digital remittances. It shows fees account for a large portion of the
costs for remittance services. Moreover, costs for non-digital services are consistently higher than those
for digital services regardless of the region where the money is being sent to.
Costs by RSP type
RPW tracks the cost of sending remittances for four main RSP types: banks, MTOs, mobile operators,
and post offices. Figure 13 provides a time series visual of all the RSP types included in the RPW dataset.
Over time, banks, mobile operators, and MTOs have seen a general decline of total average costs, while
post office services, due to the small number of services, have led a volatile trend and overall recorded
periodic increases since the historic low recorded in Q3 2013. Banks have been firmly above the Global
Average, whereas MTOs and mobile operators have remained below.
Figure 14 provides an overview for each RSP type in Q3 2022 and Q3 2023. Banks continue to be the
costliest RSP type, with an average cost of 11.48 percent in Q3 2023. Post offices’ costs are recorded at
8.52 percent in Q3 2023.
11
MTOs’ costs are recorded at 5.33 percent, while mobile operators are the
cheapest RSP type with costs recorded at 4.47 percent. However, mobile operators only account for a
very small share (less than 1%) of the sample size. Box 2 provides additional details on the average cost
of sending $200 via mobile operators.
Figure 13 Total averages over time by RSP type
11
Several services originating in France via “La Poste” are provided by “La Banque Postale” which is a subsidiary of La Poste and is
licensed as a bank. This recategorization seems to have impacted the average cost of sending via post offices in Q1 2022.
Remittance Prices Worldwide - Issue 47, September 2023
17
Figure 14 Total average by RSP type
Box 2 - Average cost of sending $200 via mobile operators
Average cost of sending $200 via mobile operators has been fluctuating around 3 percent over time,
until recently. At the same time, transfer fees charged by mobile operators have been around 1.5 – 2.0
percent on average (Figure B2.1 – the blue shaded portion in the chart shows share of fees in the
average cost).
RPW collects the total cost of services split into two components: transfer fee and foreign exchange
margin. As shown in the figure, the fluctuations in the average cost of sending via mobile operators
since 2021 have largely been due to the fluctuations in the average foreign exchange margin.
Figure B2.1 Average cost of sending $200 via mobile operators
A similar pattern is also
observed for mobile money as
the payment instrument.
Remittance Prices Worldwide - Issue 47, September 2023
18
Costs by sending and receiving method
RPW captures separately the payment instrument used to fund the transaction and the one used to
disburse the funds to the receiver. This approach is reflected in the charts below. This approach allows
for further refinement of the analysis and increases its adaptability to new products that might emerge and
has proven particularly useful in monitoring innovative products and players.
In Q3 2023, the cheapest method for funding a remittance transaction was Mobile Money at 4.78 percent
(49 services recorded in RPW) (Figure 15). The average cost when using Cash (1,723 services) was 6.71
percent. Sending money using credit or debit card (3,501 services) cost 5.20 percent. Using a bank
account incurred an average cost of 7.34 percent (2,263 services).
Figure 15 Average Cost by Instrument Used to Fund the Transaction
Figure 16 Average cost by means of disbursing the funds
Remittance Prices Worldwide - Issue 47, September 2023
19
The cost of sending remittances to a bank account within the same bank or to a partner of the originating
bank (101 services) was recorded at 9.26 percent in Q3 2023 (Figure 16). In contrast, sending money to
a bank account regardless of originating bank (2,796 services), was 6.74 percent. When funds are sent
to a mobile wallet (520 services) the average cost in Q3 2023 was 4.68 percent. Services where money
is disbursed in cash (4,215 services) cost on average 6.00 percent.
Remittance Prices Worldwide - Issue 47, September 2023
20
Annex I – Tables ($200)
Table 1 – Global Average (%), International MTO Index
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
2021
Q4
2022
Q1
2022
Q2
2022
Q3
2022
Q4
2023
Q1
2023
Q2
2023
Q3
Global Avg.
6.82
6.79
6.67
6.75
6.51
6.38
6.30
6.30
6.04
6.09
6.01
6.30
6.24
6.25
6.20
6.18
MTO Index
7.34
7.18
6.95
6.81
6.56
6.31
6.57
6.37
6.39
6.44
6.17
5.93
6.34
6.37
6.46
6.29
Table 2 – Total average in G8 Countries (%)
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
2021
Q4
2022
Q1
2022
Q2
2022
Q3
2022
Q4
2023
Q1
2023
Q2
2023
Q3
Canada
8.28
7.44
7.12
6.27
5.23
6.13
6.47
6.60
6.69
6.66
6.50
6.60
6.29
6.51
6.45
5.96
France
6.76
6.79
6.27
6.30
6.06
5.93
5.78
6.21
6.41
6.69
6.41
6.09
5.75
6.29
5.98
6.07
Germany
7.49
7.70
7.10
7.47
7.10
7.26
6.15
6.37
6.22
6.10
5.83
7.02
5.98
6.13
5.84
5.62
Italy
5.71
5.68
5.75
6.15
5.27
4.76
4.76
4.76
4.54
4.78
4.37
4.79
4.97
5.01
5.36
5.62
Japan
9.56
9.40
10.36
10.58
10.02
10.5
8.50
7.95
7.52
7.35
7.58
7.82
7.22
6.96
7.09
7.12
Russia
2.11
1.83
1.90
1.94
1.00
1.00
2.40
2.93
3.13
UK
7.23
7.42
6.74
6.57
6.48
6.44
6.25
6.06
5.65
5.64
5.62
6.33
6.34
6.25
5.82
5.97
USA
5.43
5.36
5.21
5.14
5.22
4.88
5.41
5.61
5.18
5.52
5.55
5.36
5.58
5.69
5.66
5.77
G8
6.61
6.57
6.31
6.33
6.01
5.92
5.79
5.83
5.61
5.80
5.68
5.98
5.88
5.97
5.83
5.87
Table 3 – Total average in G20 sending countries (%)
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
2021
Q4
2022
Q1
2022
Q2
2022
Q3
2022
Q4
2023
Q1
2023
Q2
2023
Q3
Australia
7.61
7.59
7.31
7.21
7.31
7.23
6.56
7.25
6.40
6.23
5.76
5.82
5.88
5.77
5.98
5.72
Brazil
6.83
5.09
9.57
9.77
7.00
7.17
7.74
4.81
4.19
5.93
7.71
9.01
8.08
8.10
9.41
7.61
Canada
8.28
7.44
7.12
6.27
5.23
6.13
6.47
6.60
6.69
6.66
6.50
6.60
6.29
6.51
6.45
6.96
France
6.76
6.79
6.27
6.30
6.06
5.93
5.78
6.21
6.41
6.69
6.41
6.09
5.75
6.29
5.98
6.07
Germany
7.49
7.70
7.10
7.47
7.10
7.26
6.15
6.37
6.22
6.10
5.83
7.02
5.98
6.13
5.84
5.62
Italy
5.71
5.68
5.75
6.15
5.27
4.76
4.76
4.76
4.54
4.78
4.37
4.79
4.97
5.01
5.36
5.62
Japan
9.56
9.40
10.36
10.58
10.02
10.5
8.50
7.95
7.52
7.35
7.58
7.82
7.22
6.96
7.09
7.12
Korea, Rep.
4.50
4.77
4.72
4.74
4.74
4.61
4.15
4.18
3.46
2.98
2.93
2.07
2.28
3.30
3.55
4.72
Russia
2.11
1.83
1.90
1.94
1.00
1.00
2.40
2.93
3.13
Saudi
Arabia
4.75
4.53
4.79
4.80
4.42
3.55
4.82
4.87
4.20
4.43
4.87
4.22
4.83
4.54
4.69
5.52
South
Africa
17.18
15.3
4
14.56
15.0
5
14.4
1
14.9
1
15.8
6
14.8
1
13.0
2
13.9
3
14.7
3
15.0
1
13.1
9
13.4
13.9
11.6
2
UK
7.23
7.42
6.74
6.57
6.48
6.44
6.25
6.06
5.65
5.64
5.62
6.33
6.34
6.25
5.82
5.97
USA
5.43
5.36
5.21
5.14
5.22
4.88
5.41
5.61
5.18
5.52
5.55
5.36
5.58
5.69
5.66
5.77
From G20
7.07
6.93
6.73
6.79
6.52
6.49
6.46
6.37
6.00
6.20
6.14
6.39
6.37
6.47
6.43
6.33
Remittance Prices Worldwide - Issue 47, September 2023
21
Table 4 – Total average in G20 receiving countries (cost to send money to select countries %)
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
2021
Q4
2022
Q1
2022
Q2
2022
Q3
2022
Q4
2023
Q1
2023
Q2
2023
Q3
Brazil
7.18
7.78
7.30
6.90
7.07
6.69
6.10
6.43
6.35
6.56
6.27
6.17
5.87
5.90
6.28
5.97
China
8.32
8.10
8.23
8.43
8.07
7.71
7.14
6.78
6.35
6.52
6.28
6.37
6.12
6.30
6.45
6.46
India
5.30
5.31
5.30
5.41
5.51
5.17
5.18
5.31
4.94
4.98
4.70
4.65
4.57
4.72
4.77
4.95
Indonesia
6.15
6.12
6.68
6.57
6.53
6.29
6.16
6.15
5.62
5.61
5.57
5.26
5.51
5.34
5.58
5.32
Mexico
4.39
4.04
4.22
4.18
3.87
3.65
4.59
4.39
4.28
4.81
4.53
4.45
4.57
4.65
4.63
4.70
South
Africa
7.80
7.82
7.41
8.14
8.03
8.08
7.16
8.21
6.20
6.36
6.56
6.68
6.43
6.64
6.73
7.17
Türkiye
6.62
6.72
6.67
7.26
6.75
6.91
7.54
6.93
6.54
6.08
6.55
6.20
6.40
6.28
6.01
5.62
To G20
6.37
6.40
6.47
6.56
6.50
6.22
6.06
6.02
5.62
5.69
5.53
5.46
5.42
5.48
5.58
5.55
Table 5 – Total average by regions of the world (%)
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
2021
Q4
2022
Q1
2022
Q2
2022
Q3
2022
Q4
2023
Q1
2023
Q2
2023
Q3
East Asia &
Pacific
7.07
7.13
6.96
7.05
6.86
6.74
6.24
6.21
5.91
5.85
5.76
5.70
5.85
5.70
5.87
5.73
Europe &
Central Asia
(excl. RUS)
6.94
6.88
6.61
6.86
6.71
6.92
6.45
6.55
6.37
6.40
6.43
6.89
6.40
6.59
6.87
6.60
Latin
America &
Caribbean
6.07
5.97
5.77
5.83
5.56
5.51
5.58
5.72
5.60
6.03
5.96
5.64
6.03
5.81
6.13
6.87
Middle East &
North Africa
6.91
7.00
7.17
7.51
6.58
6.31
6.22
6.56
6.37
6.66
6.33
6.15
6.66
6.08
5.88
5.83
South Asia
4.90
4.95
4.92
4.98
4.88
4.64
4.30
4.49
4.30
4.21
4.05
4.94
4.21
4.58
4.31
5.44
Sub-Saharan
Africa
9.10
8.90
8.71
8.47
8.19
8.02
8.72
8.27
7.83
7.84
7.84
8.46
7.84
8.35
7.92
7.39
Remittance Prices Worldwide - Issue 47, September 2023
22
Annex II - Cost Trends for Sending $500
This Annex is a continued supplement to the ongoing Global Cost Reduction monitoring efforts established
with the main RPW Quarterly Report. Global targets for reduction of remittances cost have focused on the
$200 (or local currency equivalent) as the amount sent, which is believed to be an accurate representation
of a typical remittance transaction size. However, data for $500 (or equivalent) have also been collected
alongside the data for $200 and have been analyzed since Q4 2017 to complement the $200 analysis.
The analysis in this annex shows again that, as expected, the average cost of sending $500 is lower as a
percentage of amount sent compared to the average cost of sending $200. The analysis additionally
confirms that the average cost of sending $500 has followed a similar trend to the one observed over the
years for $200.
Global trends for sending $500
Global average total cost
In Q2 2023, the Global Average cost for sending $500 was 4.29 percent. The average cost of sending
$500 has remained below the 5.00 percent since Q2 2014 and has never exhibited a value above 6
percent (the costliest period was in Q3 2011, where the total average cost of sending $500 was recorded
at 5.59 percent) (Figure 17). This represents a decline of 1.03 percentage point since Q1 2011, when the
figure was first recorded at 5.32 percent. Over the preceding 5-year period (Q3 2018 – Q3 2023), the total
cost of sending $500 has decreased by 0.24 percentage point.
Figure 17 Global average total cost for sending $500
Remittance Prices Worldwide - Issue 47, September 2023
23
International MTO Index
The International MTO Index tracks the prices of MTOs that are present in at least 85 percent of corridors
covered in the RPW database.
12
In Q3 2023, the International MTO Index for $500 decreased to 4.75
percent. As seen in Figure 17, the International MTO Index exhibits an overall downwards trend. Over the
preceding 5-year period (Q3 2018 – Q3 2023), the total cost of sending $500 has decreased by 0.86
percentage point.
G20 Countries
Cost of sending remittances from and to G20 countries
The cost of remitting $500 from G20 countries has remained below 5.00 percent since Q1 2014, when
this figure was recorded at 5.10 percent. The total cost of remitting $500 from G20 countries has closely
followed a similar trend as the Global Average of sending $500, as seen in Figure 18. The cost of remitting
$500 from G20 countries in Q3 2023 experienced a small increase, recorded at 4.41 percent.
Figure 18 Average cost of sending $500 from G20 countries
In Q3 2023, South Africa is the most expensive G20 country to send $500 from (see Figure 19) at 7.58
percent, closely followed by Brazil recorded at 7.57 percent. The Republic of Korea remains the least
expensive sending country in this grouping, exhibiting a total average cost of sending $500 of 2.45 percent,
followed by Saudi Arabia (3.62 percent), Italy (3.87 percent), Germany (3.89 percent), Australia (3.96
percent), Japan (3.98 percent), the United States (4.19 percent), and France (4.25 percent). Of this group
12
The International MTOs Index includes all MTOs that are present in over 85 percent of RPW corridors. Thus far, it has included Western
Union and MoneyGram, which operate in 95 percent and 90 percent of the country corridors covered in the database, respectively.
Remittance Prices Worldwide - Issue 47, September 2023
24
Brazil, Canada, the United Kingdom, and South Africa exhibit costs higher than the Global Average in Q2
2023.
Figure 19 Average cost of remitting from G20 countries
Figures 20 and 21 display the total average cost of sending $500 to G20 countries over time and in Q2
2023, respectively. The average cost of sending $500 to the G20 countries that are included in RPW as
receiving markets decreased slightly from 3.73 percent in Q2 2023 to 3.65 percent in Q3 2023.
Figure 20 Average cost of remitting to G20 countries
For the past 5 consecutive years, the cost of remitting $500 to G20 countries is recorded below the Global
Average cost of sending $500. In Q3 2023, South Africa (5.48 percent) remains the most expensive
country in this grouping to remit to, followed by Brazil (4.59 percent), China (4.18 percent), and Türkiye
Remittance Prices Worldwide - Issue 47, September 2023
25
(4.13 percent). Over the last 5 years, the total average cost of sending to G20 countries has decreased
by 0.55 of a percentage point (in Q3 2018, this figure was recorded at 4.20 percent).
Figure 21 Average cost of remitting $500 to G20 countries, by Country
Remittance Prices Worldwide - Issue 47, September 2023
26
Annex III – Tables ($500)
Table 6 – Global Average, International MTO Index ($500)
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
2021
Q4
2022
Q1
2022
Q2
2022
Q3
2022
Q4
2023
Q1
2023
Q2
2023
Q3
Global Avg.
4.52
4.52
4.42
4.53
4.31
4.22
4.21
4.23
4.10
4.09
4.04
4.28
4.37
4.33
4.21
4.29
MTO Index
5.41
5.29
5.06
5.00
4.79
4.59
4.80
4.73
4.83
4.86
4.65
4.52
4.84
4.86
4.86
4.75
Table 7 – Cost of sending $500 from G20 countries
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
2021
Q4
2022
Q1
2022
Q2
2022
Q3
2022
Q4
2023
Q1
2023
Q2
2023
Q3
Australia
4.94
4.91
4.71
4.68
4.73
4.71
4.38
4.63
4.44
4.24
3.76
3.90
4.05
4.02
4.07
3.96
Brazil
5.65
4.15
9.19
9.46
6.79
6.82
7.65
4.50
3.96
6.01
7.20
9.26
7.88
7.68
8.76
7.57
Canada
5.68
4.84
4.74
4.22
3.32
4.23
4.58
4.70
4.54
4.55
4.43
4.59
4.74
4.94
4.81
4.36
France
5.33
5.36
4.86
5.00
4.67
4.52
4.28
4.63
4.68
4.54
4.42
4.10
4.15
4.47
4.39
4.25
Germany
5.23
5.44
4.82
5.22
4.89
5.04
4.08
3.97
4.11
3.93
3.94
4.63
4.09
4.23
3.88
3.89
Italy
3.74
3.82
3.99
4.43
3.59
3.13
3.20
3.25
3.12
3.31
3.00
3.40
3.62
3.59
3.63
3.87
Japan
5.02
4.83
5.32
5.89
5.19
5.42
4.60
4.36
4.30
4.16
4.13
4.39
4.19
3.89
4.01
3.98
Korea, Rep.
2.18
2.46
2.38
2.40
2.54
2.41
2.24
2.40
2.14
1.87
1.87
1.05
1.28
1.34
1.50
2.45
Russia
1.94
1.50
1.55
1.61
1.00
1.00
2.40
2.66
2.83
Saudi Arabia
2.87
2.65
2.94
2.66
2.52
2.01
2.88
2.91
2.64
2.88
3.13
2.54
3.18
2.86
2.95
3.62
South Africa
10.9
3
9.74
8.58
9.09
8.75
8.99
9.38
9.11
7.75
8.18
8.68
8.64
8.22
7.81
8.04
7.58
UK
5.09
5.26
4.76
4.74
4.68
4.69
4.62
4.54
4.21
4.09
3.99
4.80
4.86
4.76
4.27
4.46
USA
3.75
3.73
3.58
3.50
3.62
3.33
3.78
3.88
3.71
3.89
3.95
3.77
4.00
4.07
3.97
4.19
From G20
4.74
4.66
4.47
4.59
4.35
4.34
4.35
4.31
4.13
4.19
4.14
4.36
4.49
4.50
4.37
4.41
Table 8 – Cost of receiving $500 in G20 countries
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
2021
Q4
2022
Q1
2022
Q2
2022
Q3
2022
Q4
2023
Q1
2023
Q2
2023
Q3
Brazil
5.20
5.78
5.42
5.00
5.17
4.77
4.64
4.87
4.91
5.04
4.67
4.72
4.57
4.56
4.78
4.59
China
5.06
4.91
5.02
5.25
4.93
4.72
4.44
4.25
4.02
4.11
3.98
4.01
4.01
4.10
4.18
4.18
India
3.20
3.24
3.20
3.29
3.38
3.05
3.13
3.14
2.99
3.03
2.88
2.78
2.85
2.85
2.96
2.96
Indonesia
3.84
3.84
4.32
4.17
4.18
3.89
3.90
3.82
3.62
3.61
3.60
3.34
3.73
3.51
3.69
3.48
Mexico
2.94
2.57
2.81
2.69
2.36
2.13
2.83
2.76
2.86
3.21
3.09
2.94
3.12
3.15
3.05
3.01
South
Africa
6.20
6.06
5.72
6.29
6.23
6.28
5.47
6.28
4.62
4.75
5.03
5.24
4.91
5.13
4.99
5.48
Türkiye
4.94
5.01
4.90
5.45
4.94
5.18
5.24
4.81
4.64
4.18
4.76
4.58
4.67
4.70
4.57
4.13
To G20
4.07
4.11
4.17
4.24
4.19
3.94
3.90
3.86
3.67
3.71
3.64
3.56
3.67
3.66
3.73
3.65
Remittance Prices Worldwide - Issue 47, September 2023
27
Annex IV – Prospects Index
Since Q1 2022, RPW data collection would be used to also monitor new services via a prospects
index. These new services could be candidates for inclusion in the main index in the future subject to
them meeting certain requirements. In Q3 2023, thirty-five new services originating from four sending
country were added to the prospects index, covering thirteen destination countries.
In Q3 2023, eleven services were moved from the Prospects Index and added to the main analysis. Taken
together, the Prospects Index now includes 83 services. Figure 22 shows the distribution of these services
by receiving region.
Figure 22 Number of Prospects Index services by receiving region
Average cost for sending $200 for the prospects index was 9.26 percent, much higher than the global
average of 6.18 percent. Seventeen services were digital services, accounting for 20 percent of all
services in the prospects index. Average cost for digital remittances was 8.29 percent, also higher than
the global digital remittances index of 4.84 percent. Figure 23 plots the average cost by receiving regions.
The high average cost is caused by multiple reasons. Services destined for South Asia, traditionally a low-
cost region, account for less than 3 percent of all services in the Prospects Index. Moreover, 2023 saw
the introduction of nearly fifty collaborations between Bank and MTO services to the Prospects Index.
Although their costs are much lower than their non-MTO counterparts, they are still high compared to the
main dataset (the global average is 6.18% in Q3 2023).
In Q3 2023, cheapest method to fund a remittance transaction among the services in the prospects index
was cash at 4.18 percent. According to Table 9, average costs of sending $200 via various payment
instrument are all higher than their main dataset counterparts, with the exception of services sent via cash.
23
18
11
10
2
19
East Asia & Pacific
Europe & Central Asia
Latin America & Caribbean
Middle East & North Africa
South Asia
Sub-Saharan Africa
Remittance Prices Worldwide - Issue 47, September 2023
28
Figure 23 Average cost of Prospects Index services by region, sending $200 (%)
Table 9 Average Cost by Instrument Used to Fund the Transaction, sending $200
Sending method
Cash
Bank Account
Debit/Credit Card
Mobile Money
Prospects Index
4.18
13.58
5.39
na
Number of services
19
42
22
na
Table 10 Average cost by means of disbursing the funds, sending $200
Receiving method
Cash
Bank Account
Bank Account
(same bank)
Mobile Wallet
Prospects Index
9.30
9.82
na
na
Number of services
54
26
na
na
Table 11 provides additional information for comparison, including the average costs using the services
included in the prospects index only, the average costs without these services as shown elsewhere in this
report, and the average costs if these services would instead be included in the main analysis.
RPW will continue to monitor new services in the coming quarters as part of the prospects index. Over
time, these services will be added to the main analysis and indices, based on a combination of materiality
and diversity criteria.
Table 11 A comparison of cost of sending $200 with/without the services in the prospects index
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
East Asia & Pacific Europe & Central
Asia
Latin America &
Caribbean
Middle East &
North Africa
South Asia Sub-Saharan
Africa
Remittance Prices Worldwide - Issue 47, September 2023
29
Prospects
Index
# of
services
Q3 2023 averages
(Reported in the main section)
Would-be Q3 2023 averages
including prospects
East Asia & Pacific
5.98
23
5.73
5.73
Europe & Central Asia
10.19
18
6.60
6.67
Latin America & Caribbean
4.22
11
5.83
5.81
Middle East & North Africa
5.06
10
6.10
6.09
South Asia
9.33
2
5.44
5.44
Sub-Saharan Africa
17.45
19
7.39
7.49
Average total cost
9.26
83
6.18
6.22
Digital remittances index
8.29
17
4.84
4.86
Remittance Prices Worldwide - Issue 47, September 2023
30
Annex V – Corridors from Russia
RSPs in a few Russian corridors have resumed services. Out of the 13 corridors in the RPW database,
data collection has resumed in 9 corridors, with a total of 47 services. The number of services per corridor
resumed to 5.2 services per corridor in Q3 2023. The countries to which services remain unavailable are
Estonia, Latvia, Lithuania, and Ukraine. Table 12 presents a comparison of corridor averages in Q4 2021,
Q3 2022, Q2 2023, and Q3 2023. Due to the ongoing Russia-Ukraine war, these services have been
excluded from the main analysis.
Table 12 Cost of sending $200 in Russian corridors comparison
Q4
2021
# of
services
Q3
2022
# of
services
Q2
2023
# of
services
13
Q3
2023
# of
services
14
Russian Federation to Armenia
1.78
2
2.50
1
2.50
1
2.50
1
Russian Federation to
Azerbaijan
1.77
4
1.00
2
1.00
6
1.00
6
Russian Federation to Belarus
1.15
5
0.96
3
0.99
7
0.98
7
Russian Federation to Estonia
6.27
6
-
-
-
-
-
-
Russian Federation to Georgia
1.91
6
1.00
1
1.65
7
1.0
6
Russian Federation to
Kazakhstan
1.47
5
0.96
3
0.99
7
0.98
7
Russian Federation to Kyrgyz
Republic
0.90
6
4.14
4
0.96
7
0.98
7
Russian Federation to Latvia
6.90
5
-
-
-
-
-
-
Russian Federation to Lithuania
6.57
5
-
-
-
-
-
-
Russian Federation to Moldova
1.56
5
0.98
2
0.99
7
0.99
6
Russian Federation to Tajikistan
2.13
4
2.10
3
0.99
2
0.76
2
Russian Federation to Ukraine
4.30
6
-
-
-
-
-
-
Russian Federation to
Uzbekistan
2.65
7
3.60
5
2.37
5
3.23
5
13
Please note that this column is based on the new data categorization.
14
Please note that this column is based on the new data categorization.
