Remittance fees when using cash were relatively expensive, but not the highest in the world. This is according to a Statista estimate that aims to compare the prices charged for sending international money transfers across the world. Remitting towards any country in the world incurred an average cost of roughly 7.34 percent over the course of 2023 if they involved a bank account transfer. Mobile money was cheaper compared to the other payment instruments, but its costs grew relatively fast in 2023.
Total average cost of sending 200 U.S. dollars worth of remittances to any country in the world from 2nd quarter of 2016 to 3rd quarter of 2023, among selected payment instruments
Characteristic
Bank account transfer
Cash
Credit card/debit card
Mobile money
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World Bank, & FXC Intelligence, & Statista. (January 11, 2024). Total average cost of sending 200 U.S. dollars worth of remittances to any country in the world from 2nd quarter of 2016 to 3rd quarter of 2023, among selected payment instruments [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/962701/costs-of-remittances-by-payment-type/
World Bank, und FXC Intelligence, und Statista. "Total average cost of sending 200 U.S. dollars worth of remittances to any country in the world from 2nd quarter of 2016 to 3rd quarter of 2023, among selected payment instruments." Chart. January 11, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/962701/costs-of-remittances-by-payment-type/
World Bank, FXC Intelligence, Statista. (2024). Total average cost of sending 200 U.S. dollars worth of remittances to any country in the world from 2nd quarter of 2016 to 3rd quarter of 2023, among selected payment instruments. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/962701/costs-of-remittances-by-payment-type/
World Bank, and FXC Intelligence, and Statista. "Total Average Cost of Sending 200 U.S. Dollars worth of Remittances to Any Country in The World from 2nd Quarter of 2016 to 3rd Quarter of 2023, among Selected Payment Instruments." Statista, Statista Inc., 11 Jan 2024, https://www.statista.com/statistics/962701/costs-of-remittances-by-payment-type/
World Bank & FXC Intelligence & Statista, Total average cost of sending 200 U.S. dollars worth of remittances to any country in the world from 2nd quarter of 2016 to 3rd quarter of 2023, among selected payment instruments Statista, https://www.statista.com/statistics/962701/costs-of-remittances-by-payment-type/ (last visited July 22, 2024)
Total average cost of sending 200 U.S. dollars worth of remittances to any country in the world from 2nd quarter of 2016 to 3rd quarter of 2023, among selected payment instruments [Graph], World Bank, & FXC Intelligence, & Statista, January 11, 2024. [Online]. Available: https://www.statista.com/statistics/962701/costs-of-remittances-by-payment-type/
