An Analysis of Trends in the Average Total Cost of Migrant Remittance Services

This report uses data from the Remittance Prices Worldwide (RPW) database to analyze the global, regional, and country trends in the cost of migrant remittances, as well as the factors influencing them. The RPW database was launched by the World Bank in 2008 and is a key tool to monitor the cost incurred by remitters when sending money along major remittance corridors. This recent iteration of the database covers 226 country corridors worldwide, originating from 32 remittance sending countries and destined for 89 receiving countries. Key findings of the report include:

• Cost of sending remittances declined for all regions around the globe;
• Commercial banks were the most expensive of all remittance service providers;
• Russia remains the least expensive sending country in the G8 group, and Japan remains the most expensive although the cost has consistently been decreasing over the last year;
• Cost of sending remittances from G20 countries was recorded at 8.12% in quarter two (Q2) of 2014, compared to 8.31% in the previous quarter.
• Global weighted average was recorded at 5.85% in Q2 of 2014, declining slightly from the last quarter, when it was recorded at 5.91%.