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Philippines remittance statistics
Remittances accounted for 9.8% of the country’s GDP in 2019.
With such an enormous amount of money being moved across borders, what is the cost of sending money overseas? The fees that most providers charge include exchange-rate margins as well as a transfer fee on top.
The global average rate for remittances is 7.14%*, but this varies by country and method of payment. Banks are by far the most expensive method to remit money, with fees averaging at 10.8%. Money transfer operators charge an average fee of 6.2%, while post offices charge the least at 5.5%. This is just an average, however, and the number can vary. Make sure to compare what options are available to you before diving in.
The graph below shows the average rate of remittance fees globally, showing the most expensive and sortable by year. In 2017, the most expensive countries included Angola at 24% and Nigeria at 25%.
The world map below illustrates which countries receive the most remittances and which countries send out the most. To show this, we've used the data on what each country receives in remittances, minus what it sends out. If a country has a negative value, this means that it's sending out more than what it's receiving.
The United States, for example, is the country that sends out the most money in remittances compared to what it receives. India, on the other hand, receives more remittance payments than it sends out.
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