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1、Issue47September2023ANANALYSISOFTRENDSINCOSTOFREMITTANCESERVICESREMITTANCEPRICESWORLDWIDEQUARTERLYThisReportreflectsthelatesttrendsobservedinthedatapublishedinSeptember2023.RemittancePricesWorldwideisavailableathttp:/remittanceprices.worldbank.orgTheWorldBankGroup,2023OverviewRemittancePricesWorldwi
2、de(RPW)monitorsremittancepricesacrossallgeographicregionsoftheworld.LaunchedinSeptember2008,RPWmonitorsthecostincurredbyremitterswhensendingmoneyalongmajorremittancecorridors.RPWisusedasareferenceformeasuringprogresstowardsglobalcostreductionobjectives,includingtheG20commitmenttoreducetheglobalavera
3、geto3percent,whichisbeingpursuedinpartnershipwithgovernments,serviceproviders,andotherstakeholders.SinceQ22016,RPWcovers48remittancesendingcountriesand105receivingcountries,foratotalof367countrycorridorsworldwide.RPWtracksthecostofsendingremittancesforfourmainRSPtypes:Banks,MTOs,MobileOperators,andP
4、ostOffices.MTOsincludebothtraditionalprovidersandinnovative/fintechplayers.Onaverage,21.5servicespercorridoraretracked.ThisReportusesdatafromRPW,smostrecentreleasetoanalyzetheglobal,regional,andcountryspecifictrendsintheaveragecostofmigrantremittances.FXCIntelligenceprovidestheunderlyingdatausedinth
5、eRPW.Keyfindings TheGlobalAveragedecreasedfrom6.20percentinQ22023to6.18percentinQ32023. TheInternationalMTOIndexexperiencedadecreaseoverthequarterto6.29percentinQ32023,from6.46percentinQ22023. TheGlobalWeightedAverageincreasedto4.78percentinQ32023from4.53percentinQ22023. TheGlobalSmaRTAverageforQ320
6、23wasrecordedat3.36percent(downfrom3.55percentinQ22023).Twenty-twocorridorsdidnothaveanySmaRTqualifyingservices. TheDigitalremittancesindexincreasedfrom4.60percentinQ22023to4.84percentinQ32023. TheDigital-onlyMTOindexexperiencedanincreaseto3.92percentinQ32023from3.61inQ2. SouthAsiaremainsthelowestco
7、streceivingregion,withanaveragecostof5.44percent.Sub-SaharanAfricaremainsthemostexpensiveregiontosendmoneyto,recordedat7.39percenttotalaveragecostinQ32023. Banksremainthemostexpensivetypeofserviceprovider,withanaveragecostof11.48percent. Theproportionofcorridorswithaveragecostsoflessthan5percenthasi
8、ncreasedconsiderablysinceQ12009(from17percentto37percentinQ32023). InQ32023,mobilemoneyremainsthelowestcostinstrumenttooriginateremittancesandwasalsothelowestcostinstrumenttoreceiveremittances. DuetotheongoingRussia-Ukrainewar,RPWdidnotincludeanydataoncorridorsoriginatingintheRussianFederationinQ1an
9、dQ22022.InQ3-Q42022andQ1-Q32023,onlypubliclyavailableonlinedataoncorridorsoriginatinginRussiawerecollected,i.e.,mysteryshoppingordatacollectionviaAPIswerenotemployed.Duetothisdeviationindatacollectionmethodology,theseserviceswerenotincludedinthemainanalysisinQ32023(aswellasinQ3-Q42022andQ1-Q22023);i
10、nstead,thedataarepresentedinAnnexV. InQ32023,elevenweremovedfromtheprospectsindextothemainanalysis,afterdemonstratingconsistency,materialityanddiversity.Inthesamequarter,thirty-fivenewserviceswereaddedtotheprospectsindex.RPWwillcontinuetomonitorandincludenewserviceswhenandwhererelevantusingtheprospe
11、ctsindex.TableofContentsOverview3Keyfindings3Progresstracker6NumberofcorridorsintheQ22023dataset6Prospectsindex6Globaltrends7Globalaverageexperiencesadecrease7InternationalMTOIndex8Globalweightedaverage8SmartRemitterTarget(SmaRT)9Trendsincorridoraveragetotalcosts11G8andG20countries11Costofsendingrem
12、ittancesfromG8countries11CostofsendingremittancesfromandtoG20countries12Regionaltrends14Coststructure15Cashvs.DigitalServices15CostsbyRSPType16CostsbySendingandReceivingMethod17Annex I -Tables($200)20Annex II -CostTrendsforSending$50022Globaltrendsforsending$50022Globalaveragetotalcost22Internationa
13、lMTOIndex23G20Countries23CostofsendingremittancesfromandtoG20countries23Annex III -Tables($500)26Annex IV -ProspectsIndex27Annex V -CorridorsfromRussia30ProgresstrackerRPWindicatorsareusedtomeasuretheprogresstowardstargetsofglobaleffortsforthereductionofremittancecosts.TheUNSDGsandtheG20haveindicate
14、datargetof3percentfortheGlobalAveragetobereachedby2030. The G8 (L,Aquila, 2010) and the G20 (Cannes, 2011 and Brisbane, 2014) committed to reduce the Global Average Total Cost to 5 percent. The G20 aligned with the UNs 2030 Agenda to include cost reduction targets set under SDG 10.c. In addition, th
15、rough the G20 Roadmap for Enhancing Cross-Border Payments, the G20 reaffirmed SDG 10.c for remittance costs. World Bank,s Remittance Prices Worldwide database will be used to monitor several targets on remittances in the Roadmap, including those on cost, speed and transparency. See FSB (2021), Targe
16、ts for addressing the four challenges of cross-border payments (https:/WWWfsb.or/WD-COntent/uDloadSP131021 -2.edf) and FSB (2022), Develop Payments Targets (https:WWW.fsb.org/ws-content/uploads/P171122.Ddf). Until now, RPW has been reporting on the G8G20 remittance target of 5%. In line with the G20 affirmation of the SDG 10.c rem
