Bank Remittance the Costliest: World Bank

According to the latest issue of Remittance Prices Worldwide, a World Bank report, bank remittance are the costliest as compared to other remittance service providers (RSP).

They cost an average of 10.53% to send remittances worldwide. This is notably higher than the average cost of sending remittances of 7.01%.

Average Remittance Cost of Remittance Service Providers in Quarter 4 of 2018.
Average Remittance Cost by RSP Type
Source: Remittance Prices Worldwide – Issue 28

Mobile Operators remain the cheapest option to fund the remittances and to disburse remittances to the receiver. The cost of funding a remittance through a mobile operator averaged to 4.93% as compared to banks that average a cost of 7.11%.

Average Cost of Funding Remittances in Quarter 4 of 2018
Average Cost of Funding Remittances
Source: Remittance Prices Worldwide – Issue 28

Sending bank remittance to another bank account is the costliest option, according the report. It costs an average of 7.5%. Whereas, on the other hand, sending funds to a mobile wallet costs an average of 6.17%.

Average Cost of Disbursing Remittances
Source: Remittance Prices Worldwide – Issue 28

Read the complete report here: Remittance Prices Worldwide – Issue 28, December 2018.