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In the second quarter of 2023, the average costs of sending USD 200 to developing regions continued to be high at 6.2 per cent, more than twice the target of 3 per cent of the Sustainable Development Goal 10.c.1 (Ratha et al., 2023a). Sub-Saharan Africa continued to have the highest average remittance costs, at about 7.9 per cent; South Asia had the lowest average remittance costs at 4.3 per cent (ibid.).
Though mobile operations account for less than 1 per cent of transfer volumes, they remain the cheapest channel for sending remittances, with an average cost of 4.1 per cent during the second quarter of 2023, followed by money transfer operators (average cost of 5.3%) and post offices (7%) (ibid.). With an average cost of 12 per cent during Q2 2023, banks remained the most expensive channel for remittance transfers (ibid.)
From: Remittances data.
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Snippings 