MTOs had significantly higher remittance fees in the Spain to Colombia remittance corridor than banks, as of 2024. This is according to a Statista estimate that aims to compare the prices charged for sending international money transfers to Colombia but specifically sent from Spain. Remittances between Spain and Colombia incurred an average cost of roughly 5.27 percent in the first quarter of 2024. Since 2021, the fees of money transfer organizations - MTOs - such as Western Union were above those from banks. No figures were available on post office fees for remittances towards Colombia.
Total average cost of sending 200 U.S. dollars worth of remittances between Spain and Colombia from 1st quarter of 2011 to 1st quarter of 2024, by provider
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World Bank (Remittance Prices Worldwide), & Statista, & FXC Intelligence. (July 6, 2024). Total average cost of sending 200 U.S. dollars worth of remittances between Spain and Colombia from 1st quarter of 2011 to 1st quarter of 2024, by provider [Graph]. In Statista. Retrieved November 13, 2024, from https://www.statista.com/statistics/1455070/cost-sending-low-value-remittances-spain-colombia-by-provider/
World Bank (Remittance Prices Worldwide), und Statista, und FXC Intelligence. "Total average cost of sending 200 U.S. dollars worth of remittances between Spain and Colombia from 1st quarter of 2011 to 1st quarter of 2024, by provider." Chart. July 6, 2024. Statista. Accessed November 13, 2024. https://www.statista.com/statistics/1455070/cost-sending-low-value-remittances-spain-colombia-by-provider/
World Bank (Remittance Prices Worldwide), Statista, FXC Intelligence. (2024). Total average cost of sending 200 U.S. dollars worth of remittances between Spain and Colombia from 1st quarter of 2011 to 1st quarter of 2024, by provider. Statista. Statista Inc.. Accessed: November 13, 2024. https://www.statista.com/statistics/1455070/cost-sending-low-value-remittances-spain-colombia-by-provider/
World Bank (Remittance Prices Worldwide), and Statista, and FXC Intelligence. "Total Average Cost of Sending 200 U.S. Dollars worth of Remittances between Spain and Colombia from 1st Quarter of 2011 to 1st Quarter of 2024, by Provider." Statista, Statista Inc., 6 Jul 2024, https://www.statista.com/statistics/1455070/cost-sending-low-value-remittances-spain-colombia-by-provider/
World Bank (Remittance Prices Worldwide) & Statista & FXC Intelligence, Total average cost of sending 200 U.S. dollars worth of remittances between Spain and Colombia from 1st quarter of 2011 to 1st quarter of 2024, by provider Statista, https://www.statista.com/statistics/1455070/cost-sending-low-value-remittances-spain-colombia-by-provider/ (last visited November 13, 2024)
Total average cost of sending 200 U.S. dollars worth of remittances between Spain and Colombia from 1st quarter of 2011 to 1st quarter of 2024, by provider [Graph], World Bank (Remittance Prices Worldwide), & Statista, & FXC Intelligence, July 6, 2024. [Online]. Available: https://www.statista.com/statistics/1455070/cost-sending-low-value-remittances-spain-colombia-by-provider/
