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Key findings
• The Global Average recorded a decrease from 6.51 percent in Q4 2020 to 6.38 percent in Q1 2021.
• The International MTO Index experienced a decrease over the quarter to 6.31 percent in Q1 2021,
from 6.56 percent in Q4 2020. This is the fourth consecutive quarter in which this figure has been
recorded below 7.00 percent.
• The Global Weighted Average decreased to 4.54 percent in Q1 2021, from 4.82 percent in Q4
2020. This is the second quarter in which this figure has been recorded below 5.00 percent.
• The Global SmaRT Average for Q1 2021 was recorded at 3.98 percent.
• The Digital remittances index decreased from 5.11 percent in Q4 2020 to 5.08 percent in Q1 2021.
• South Asia remains the lowest cost receiving region, with an average cost of 4.64 percent. Sub-
Saharan Africa remains the most expensive region to send money to, recorded at 8.02 percent total
average cost in Q1 2021.
• Banks remain the most expensive type of service provider, with an average cost of 10.66 percent.
• The proportion of corridors with average costs of less than 5 percent has increased considerably
since Q1 2009 (from 17 percent to 38 percent in Q1 2021).
• Debit/credit card overtook mobile money as the cheapest instrument to fund the transaction in Q1
2021. Mobile money remains the least costly instrument as the means to disburse.
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, 13.3 providers 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.
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, 13.3 providers 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.
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, 13.3 providers 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.
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Table of Contents
Overview........................................................................................................................... 3
Key findings ...................................................................................................................... 3
Progress tracker ............................................................................................................... 5
Global trends .................................................................................................................... 6
Global average experiences reduction .............................................................................................. 6
International MTO Index .................................................................................................................... 7
Global weighted average ................................................................................................................... 8
Smart Remitter Target (SmaRT) ........................................................................................................ 8
Trends in corridor average total costs ............................................................................................. 10
G8 and G20 countries ..................................................................................................... 11
Cost of sending remittances from G8 countries ............................................................................... 11
Cost of sending remittances from and to G20 countries .................................................................. 11
Regional trends .............................................................................................................. 14
Cost structure ................................................................................................................. 15
Cash vs. Digital Services ................................................................................................................. 15
Costs by RSP Type ......................................................................................................................... 15
Costs by Sending and Receiving Method ........................................................................................ 16
Annex I – Tables ($200) ................................................................................................. 18
Annex II - Cost Trends for Sending $500 ........................................................................ 19
Global trends for sending $500........................................................................................................ 19
Global average total cost .............................................................................................................................. 19
International MTO Index ............................................................................................................................... 20
G20 Countries ................................................................................................................................. 20
Cost of sending remittances from and to G20 countries ................................................................................ 20
Annex III – Tables ($500) ................................................................................................ 23
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Progress tracker
RPW indicators are used to measure the progress towards targets of global efforts for the reduction of
remittance costs. 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 UN SDGs have indicated a target of 3 percent for
the Global Average to be reached by 2030. At the same time, the UN SDGs 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.
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Global trends
Global average experiences reduction
In Q1 2021, the Global Average cost for sending remittances was 6.38 percent. 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 3.29 percentage points since Q1 2009, when the figure was recorded at 9.67
percent. In addition to the Global Average, another average total cost is introduced to track the average
price of “digital remittances” in RPW database.
1
In Q1 2021, the global average for digital remittances was
recorded at 5.08 percent, while the global average for non-digital remittances was 6.85 percent. Digital
services account for 26% of all services RPW collected in Q1 2021.
Figure 1 Trends in the global cost of sending $200 in remittances
2
1
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.
2
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 in the past.
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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.
3
In Q1 2021, the International MTO Index recorded a moderate decrease
to 6.31 percent from the previous value of 6.56 percent in Q4 2020. Over the year, this figure was down
by 0.86 of a percentage point, recorded at 7.18 percent in Q1 2020. This figure has come down by 4.05
percentage points from its first recorded value of 10.36 percent in Q1 2009. A second Digital-only MTO
Index has been introduced to reflect the growing impact of digital and information technology innovation
on the global remittance market. Digital-only MTO refers to money transfer operators that send
remittances only through digital channels.
4
Digital-only MTO Index has consistently remained below both
the International MTO Index and the global average. In Q1 2021, Digital-only MTO Index recorded at 3.43
percentage point, a moderate increase from 3.30 percentage point in Q4 2020.
Figure 2 Trends in International MTO Index & Digital-only MTO Index
3
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.
4
It includes five digital-only MTOs, Transferwise (Wise), Remitly, WorldRemit, InstaReM and Xoom.
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Global weighted average
Also, a weighted average total cost is calculated, which accounts for the relative size of the flows in each
remittance corridor.
5
The Global Weighted Average of sending remittances, as illustrated in Figure 3 (see
also Table 1 in the Annex), has at times shown a different pattern from the simple average. In Q1 2021,
the Global Weighted Average recorded at 4.54 percent (in Q4 2020, this was recorded at 4.82 percent).
This is the second consecutive quarter in which this figure has been recorded below 5.00 percent. Over
the last five years, this figure has decreased by approximately 1.14 percentage points – recorded at 5.68
percent in Q1 2016.
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
5
It is important to note that, while official data on remittance flows by bilateral corridors are currently not available, estimates (Ratha and
Shaw 2007, last updated in 2018, available at
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.
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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
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.
6
In Q1 2021, the Global SmaRT
Average was recorded at 3.98 percent. Since Q1 2020 this figure has come down from 4.29 percent, a
nominal decrease of 0.31 of a percentage point.
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 Q1 2021, 27 of the 367 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 27 corridors, fifteen are destined for
Sub-Saharan Africa, five for the Middle East and North Africa, six 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. About half of the receiving countries in this group have a “Green Light” SmaRT rating
for accessibility to Cash, and most (21 out of 27 – see Box) have a “Green Light” rating for Mobile services
(measured by availability of cash services and number of cellular subscriptions per 100 persons).
Box - Corridors without SmaRT qualifying services with “Green Light” rating for mobile
services
Angola to Namibia
Ghana to Nigeria
India to Bangladesh`
India to Nepal
India to Pakistan
India to Sri Lanka
Thailand to Myanmar
Netherlands to Suriname
Pakistan to Afghanistan
Qatar to Sudan
Nigeria to Benin
Nigeria to Mali
Nigeria to Togo
Saudi Arabia to Sudan
Jordan to Syrian Arab Rep.
Saudi Arabia to Syrian Arab Rep.
Saudi Arabia to Yemen, Rep.
United Arab Emirates to Yemen, Rep.
United States to Yemen, Rep.
United States to Egypt, Arab Rep.
United Arab Emirates to Sudan
Note: In Q1 2021, RPW experienced difficulties in collecting data on the outbound services from Angola and Nigeria.
Therefore, for Q1 2021, RPW reports no qualifying services from Angola to Namibia, and Nigeria to Benin, Mali and Togo.
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 Q1 2021, 67
percent of all corridors covered in the RPW database had SmaRT corridor averages below 5 percent.
6
For additional information on the methodology used to calculate SmaRT see
https://remittanceprices.worldbank.org/sites/default/files/smart_methodology.pdf
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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 34 percentage points (53
percent of corridors in Q1 2009, compared to 87 percent of corridors in Q1 2021). This shift is naturally
accompanied by a decrease of share of corridors exhibiting total costs over 15 percent (18 percent of
corridors compared to 4 percent of corridors). In the 10-15 percent total cost category there are 8 percent
of corridors in Q1 2021, compared to 29 percent of corridors in Q1 2009. Year over year since Q1 2019,
this gradual shift is visible. Of the 2 corridors with costs above 20 percent in Q1 2021, both originate in
Sub-Saharan Africa and are destined for Sub-Saharan Africa. In addition, corridor average total costs for
all outbound services from Angola and Nigeria are unavailable in Q1 2021.
Figure 4 Distribution of Average Total Costs
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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. The average cost
for sending remittances from the G8 countries decreased from 6.01 percent in Q4 2020 to 5.92 percent in
Q1 2021. This is the first quarter in which this figure has been recorded below 6.00 percent. Over the year,
this figure has decreased by 0.65 of a percentage point (from 6.57 percent in Q1 2020).
Figure 5 Total average over time in G8 countries
The largest decrease in total average cost to send remittances is seen in Italy (5.27 percent to 4.76
percent), followed by the United States (5.22 percent to 4.88 percent) and France (6.06 percent to 5.93
percent). The largest increase is seen in Canada (5.23 percent to 6.13 percent), followed by Japan (10.02
percent to 10.50 percent), and Germany (7.10 percent to 7.26 percent). United Kingdom recorded a
modest decrease (6.48 percent to 6.44 percent), while Russia stayed the same at 1.00 percent.
Cost of sending remittances from and to G20 countries
The cost of remitting from G20 countries experienced a moderate decrease to 6.49 percent in Q1 2021,
from 6.52 percent in Q4 2020, as shown in Figure 6 (also see Table 3 in the Annex).
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 Q1 2021, remitting from South Africa incurred an average cost of 14.91 percent, an increase
from its recorded value of 14.41 percent in Q4 2020. The cost of sending from the second most expensive
G20 sending country – Japan – was recorded at 10.50 percent in Q1 2021. Russia is the least expensive
G20 sending country, recorded at 1.00 percent, followed by Saudi Arabia (3.55 percent) and the Republic
of Korea (4.61 percent).
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Figure 6 Average cost of sending $200 from G8 and G20 countries
Figure 7 Average cost of remitting from G20 countries
Figure 8 Average cost of sending $200 to G20 countries
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Figures 8 and 9 display the total average cost of sending $200 to G20 countries over time and in Q1 2021,
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 6.22 percent in Q1 2021.
Apart from a few quarters, the average cost of sending money to the G20 countries has followed the
pattern of the Global Average. For the 15
th
consecutive quarter since Q2 2017, the cost of remitting to
G20 countries is recorded below the Global Average. The most expensive countries in this grouping to
remit to were South Africa (8.08 percent) and China (7.71 percent). Costs for sending remittances to
Brazil, Indonesia, Turkey, India, and Mexico were recorded below 7 percent. Mexico remained the
cheapest receiving market in the G20 group, recorded at 3.65 percent.
Figure 9 Average cost of remitting to G20 countries, by Country
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Regional trends
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). Over the quarter, all regions recorded a
decrease in average total cost except Europe and Central Asia. Middle East and North Africa (MNA)
experienced the largest decrease from 6.58 percent to 6.31 percent, followed by South Asia (SA), Sub-
Saharan Africa (SSA), East Asia and Pacific (EAP), and Latin America and the Caribbean (LAC).
Due to the unique features of the Russian remittance market and its heavy influence on the ECA region,
an additional value for the ECA region, excluding Russia, has been calculated and considered: the
average excluding Russia was recorded at 6.92 percent – higher than the average including Russia, which
is recorded at 6.61 percent in Q1 2021.
Figure 10 Average costs over time by region of the world
Figure 11 Average costs by region of the world
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Cost structure
Cash vs. Digital Services
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.
Figure 12 Average costs by region: cash vs digital services
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 Q1 2020 and Q1 2021. Banks continue to be the
costliest RSP type, with an average cost of 10.66 percent in Q1 2021. Post Offices are recorded at 8.79
percent in Q1 2021. Money Transfer Operators are recorded at 5.43 percent, while Mobile Operators are
the cheapest RSP type recorded at 3.12 percent. However, Mobile Operators only account for a very small
share (less than 1%) of the sample size.
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Figure 13 Total averages over time by RSP type
Figure 14 Total average by RSP type
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 Q1 2021, debit/credit card became the cheapest method for funding a remittance transaction at 4.68
percent (1,687 services recorded in RPW) (Figure 15). The average cost when using mobile money (58
services) to do this was 5.68 percent. Sending money using Cash (2,076 services) cost 6.93 percent, and
funding the transaction using a bank account incurred an average cost of 6.65 percent (1,922 services).
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Figure 15 Average Cost by Instrument Used to Fund the Transaction
The cost of sending remittances to a bank account within the same bank or to a partner of the originating
bank (79 services) was recorded at 5.09 percent in Q1 2021 (Figure 16). In contrast, sending money to a
bank account at a different bank (1,660 services), is the most expensive option at 6.91 percent. When
funds are sent to a mobile wallet (291 services) the average cost in Q1 2021 was 5.00 percent. Services
where money is disbursed in cash (3,078 services) cost on average 6.04 percent.
Figure 16 Average cost by means of disbursing the funds
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Annex I – Tables ($200)
Table 1 – Global Average (%), International MTO Index
Table 2 – Total average in G8 Countries (%)
Table 3 – Total average in G20 sending countries (%)
Table 4 – Total average in G20 receiving countries (cost to send money to select countries. %)
Table 5 – Total average by regions of the world (%)
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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
last years for $200.
Global trends for sending $500
Global average total cost
In Q1 2021, the Global Average cost for sending $500 was 4.22 percent. The average cost of sending
$500 has remained below the 5.00 percent total average cost 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). The Global Average of sending $500 exhibits an overall downwards trend
since Q1 2011, as seen in Figure 17 below. This represents a decline of 1.09 percentage point since Q1
2011, when the figure was recorded at 5.32 percent. Over the preceding 5-year period (Q1 2016 – Q1
2021), the total cost of sending $500 has decreased by 0.46 percentage point.
Figure 17 Global average total cost for sending $500
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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.
7
In Q1 2021, the International MTO Index for $500 experienced a moderate
decrease to 4.59 percent from 4.79 percent in Q4 2020. This is the second consecutive quarter in which
the International MTO Index has been recorded below 5.00 percent. As seen in Figure 17, the International
MTO Index exhibits an overall downwards trend. Over the preceding 5-year period (Q1 2016 – Q1 2021),
the total cost of sending $500 has decreased by 1.08 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 Q1 2021 experienced a modest decrease, recorded at 4.34 percent.
Figure 18 Average cost of sending $500 from G20 countries
In Q1 2021, South Africa is the most expensive G20 country to send $500 from, consistent with the $200
findings (see Figure 19). The average cost of remitting $500 from South Africa increased to 8.99 percent
from 8.75 percent, and this is despite an overall decrease from its peak in Q2 2013, when the cost of
sending from South Africa was more than 12 percent. Brazil is the second most expensive G20 country
to send $500 from, recorded at 6.82 percent. Russia is the least expensive sending country in this
grouping, exhibiting a total average cost of sending $500 of 1.00 percent, followed by Saudi Arabia (2.01
percent), Republic of Korea (2.41 percent), Italy (3.13 percent), and the United States (3.33 percent). Of
7
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.
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this group Australia, Canada, France, Germany, Japan, the UK, Brazil, and South Africa exhibit costs
higher than the Global Average in Q1 2021.
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 Q1
2021, respectively. The average cost of sending $500 to the G20 countries that are included in RPW as
receiving markets decreased between Q4 2020 and Q1 2021, recorded at 3.94 percent in Q1 2021. In
contrast with the Global Average cost of sending $500, the total average cost of sending $500 to G20
countries has led a more volatile path over the past year.
Figure 20 Average cost of remitting to G20 countries
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For the past 4 consecutive years, the cost of remitting $500 to G20 countries is recorded below the Global
Average cost of sending $500. South Africa (6.28 percent) is the most expensive country in this grouping
to remit to, followed by Turkey (5.18 percent), Brazil (4.77 percent), and China (4.72 percent). Over the
last 5 years, the total average cost of sending to G20 countries has decreased slightly by 0.60 of a
percentage point (in Q1 2016, this figure was recorded at 4.53 percent).
Figure 21 Average cost of remitting $500 to G20 countries, by Country
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Annex III – Tables ($500)
Table 6 – Global Average, International MTO Index ($500)
Table 7 – Cost of sending $500 from G20 countries
Table 8 – Cost of receiving $500 in G20 countries
