What are the remittance fees worldwide?
The global average rate is 7.40%, but it really depends if you’re looking by country, type of provider, or form of payment.
Global average vs. weighted
And this is low compared to rates in 2009
Notice the trends in commission rate between Q1 2009, Q3 2016, and Q4 2016. Fees in the 0-5% range have been on the rise, and although those in the greater than 20% range have diminished since 2009 they are higher than last quarter.
Measuring rates if consumers were SmaRT
|Quarter||Global SmaRT average||Difference between global average|
Qualifying as a SmaRT provider is not always possible
- In Q3 2016, 54 of the 365 corridors had less than 3 qualifying providers
- In Q3 2016, 9 of the 365 corridors did not have any because they did not meet access criteria
What country you are sending money to/from affects commission rates
Remittance commission rates in the G8 countries
Compare Canada, France, Germany, Italy, Japan, Russia, UK, and US average cost of sending remittances from these countries.
What about the average cost of remitting from G20 countries?
This is the break down of sending money from Australia, Brazil, Canada, France, Germany, Italy, Japan, Republic of Korea, Russia, Saudi Arabia, South Africa, UK, and US.
And the cost of sending remittances to the G20?
Let’s break it down by region of the world
EAP = East Asia Pacific, ECA = Europe & Central Asia, LAC = Latin American and Caribbean, MNA = Middle East & North Africa, SA = South Africa, SSA = Sub-Saharan Africa
Now method of money transfer makes a big difference
The form of payment or instrument also matters when sending money
The form of payment on the receiving end also matters.
Getting the best rates
As you can see there are a lot of factors when sending money overseas to consider. It’s unfortunately more confusing than it should be, but we’ve tried to sort it out. To learn more about international money transfers and how to save on your transfers check out this guide. You can also compare current available rates by country here.
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