《世界银行:2023年第二季全球汇款成本报告(英文版)(30页).pdf》由会员分享,可在线阅读,更多相关《世界银行:2023年第二季全球汇款成本报告(英文版)(30页).pdf(30页珍藏版)》请在三个皮匠报告上搜索。
1、Remittance Prices Worldwide-Issue 38,June 2021 03 Remittance Prices Worldwide-Issue 46,June 2023 2 This Report reflects the latest trends observed in the data published in June 2023.Remittance Prices Worldwide is available at http:/remittanceprices.worldbank.org The World Bank Group,2023 Remittance
2、Prices Worldwide-Issue 46,June 2023 3 Key findings The Global Average decreased from 6.25 percent in Q1 2023 to 6.20 percent in Q2 2023.The International MTO Index experienced an increase over the quarter to 6.46 percent in Q2 2023,from 6.37 percent in Q1 2023.The Global Weighted Average decreased t
3、o 4.53 percent in Q2 2023 from 4.79 percent in Q1 2023.The Global SmaRT Average for Q2 2023 was recorded at 3.55 percent(up from 3.47 percent in Q1 2023).Twenty-four corridors did not have any SmaRT qualifying services.The Digital remittances index decreased from 4.72 percent in Q1 2023 to 4.60 perc
4、ent in Q2 2023.The Digital-only MTO index experienced a decrease to 3.61 percent in Q2 2023 from 3.90 in Q1 2023.South Asia remains the lowest cost receiving region,with an average cost of 4.31 percent.Sub-Saharan Africa remains the most expensive region to send money to,recorded at 7.92 percent tot
5、al average cost in Q2 2023.Banks remain the most expensive type of service provider,with an average cost of 12.09 percent.The proportion of corridors with average costs of less than 5 percent has increased considerably since Q1 2009(from 17 percent to 38 percent in Q2 2023).In Q2 2023,mobile money r
6、emains the lowest cost instrument to originate remittances and was also the lowest cost instrument to receive remittances.Overview Remittance Prices Worldwide(RPW)monitors remittance prices across all geographic regions of the world.Launched in September 2008,RPW monitors the cost incurred by remitt
7、ers when sending money along major remittance corridors.RPW is used as a reference for measuring progress towards global cost reduction objectives,including the G20 commitment to reduce the global average to 3 percent,which is being pursued in partnership with governments,service providers,and other
8、 stakeholders.Since Q2 2016,RPW covers 48 remittance sending countries and 105 receiving countries,for a total of 367 country corridors worldwide.RPW tracks the cost of sending remittances for four main RSP types:Banks,MTOs,Mobile Operators,and Post Offices.MTOs include both traditional providers an
9、d innovative/fintech players.On average,21.6 services per corridor are tracked.This Report uses data from RPWs most recent release to analyze the global,regional,and country specific trends in the average cost of migrant remittances.FXC Intelligence provides the underlying data used in the RPW.Remit
10、tance Prices Worldwide-Issue 46,June 2023 4 Due to the ongoing invasion of Ukraine by Russia,RPW did not include any data on corridors originating in the Russian Federation in Q1 and Q2 2022.In Q3-Q4 2022 and Q1-Q2 2023,only publicly available online data on corridors originating in Russia were coll
11、ected,i.e.,mystery shopping or data collection via APIs were not employed.Due to this deviation in data collection methodology,these services were not included in the main analysis in Q2 2023(as well as in Q3,Q4 2022 and Q1 2023);instead,the data are presented in Annex V.In Q2 2023,two services were
12、 moved from the prospects index to the main analysis,after demonstrating consistency,materiality and diversity.In the same quarter,four new services were added to the prospects index.RPW will continue to monitor and include new services when and where relevant using the prospects index.Remittance Pr
13、ices Worldwide-Issue 46,June 2023 5 Table of Contents Overview.3 Key findings.3 Progress tracker.6 Number of corridors in the Q2 2023 dataset.6 Prospects index.6 Global trends.7 Global average experiences a decrease.7 International MTO Index.8 Global weighted average.8 Smart Remitter Target(SmaRT).9
14、 Trends in corridor average total costs.10 G8 and G20 countries.11 Cost of sending remittances from G8 countries.11 Cost of sending remittances from and to G20 countries.12 Regional trends.14 Cost structure.15 Cash vs.Digital Services.15 Costs by RSP Type.16 Costs by Sending and Receiving Method.17
15、Annex I Tables($200).19 Annex II-Cost Trends for Sending$500.21 Global trends for sending$500.21 Global average total cost.21 International MTO Index.22 G20 Countries.22 Cost of sending remittances from and to G20 countries.22 Annex III Tables($500).25 Annex IV Prospects Index.26 Annex V Corridors f
16、rom Russia.29 Remittance Prices Worldwide-Issue 46,June 2023 6 Progress tracker RPW indicators are used to measure the progress towards targets of global efforts for the reduction of remittance costs.The UN SDGs and the G20 have indicated a target of 3 percent for the Global Average to be reached by
17、 2030.1 At the same time,the UN SDGs and the G20 have also committed to ensuring that in all corridors,remittances can be transferred for 5 percent or less.The figure below summarizes the progress towards these three targets.Number of corridors in the Q2 2023 dataset The Q2 2023 dataset includes dat
18、a from 351 corridors(excluding 13 originating in Russia,and 3 originating in Nigeria).Due to the ongoing invasion of Ukraine by Russia,RPW did not include any data on corridors originating in the Russian Federation.In addition,remittance service providers(RSPs)have still not resumed outgoing remitta
19、nce operations in Nigeria due to the Central Bank of Nigeria banning all outbound transfers from the country.Prospects index Since Q2 2022,RPW data collection would be used to also monitor new services via a prospects index.These new services could be candidates for inclusion in the main index in th
20、e future subject to them meeting certain requirements.Please see Annex IV for details.1 The G8(LAquila,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 SD
21、G 10.c.In addition,through the G20 Roadmap for Enhancing Cross-Border Payments,the G20 reaffirmed SDG 10.c for remittance costs.World Banks Remittance Prices Worldwide database will be used to monitor several targets on remittances in the Roadmap,including those on cost,speed and transparency.See FS
22、B(2021),Targets for addressing the four challenges of cross-border payments(https:/www.fsb.org/wp-content/uploads/P131021-2.pdf)and FSB(2022),Developing the Implementation Approach for the Cross-Border Payments Targets(https:/www.fsb.org/wp-content/uploads/P171122.pdf).Until Q4 2022,RPW has been rep
23、orting on the G8/G20 remittance target of 5%.In line with the G20 affirmation of the SDG 10.c remittance price targets,starting with Q1 2023 edition of the RPW Quarterly Reports,the reporting is being adjusted to keep only SDG 10.c.There has been no change in methodology.Remittance Prices Worldwide-
24、Issue 46,June 2023 7 Global trends Global average experiences a decrease In Q2 2023,the Global Average cost for sending remittances was 6.20 percent,a decrease from 6.25 in Q1 2023.The Global Average has remained below 7.00 percent since Q1 2019(see Figure 1 below and Table 1 in the Annex).Overall,t
25、his represents a decline of 3.47 percentage points since Q1 2009,when the figure was recorded at 9.67 percent.In Q2 2023,the global average for digital remittances was recorded at 4.60 percent,while the global average for non-digital remittances was 6.89 percent.Digital services account for 30%of al
26、l services RPW collected in Q2 2023.2 Figure 1 Trends in the global cost of sending$200 in remittances3 2 A digital remittance must be sent via a payment instrument in an online or self-assisted manner,and received into a transaction account,i.e.,bank account,transaction account maintained at a non-
27、bank deposit taking institution(say a post office),mobile money or e-money account.3 Figures for the global average were adjusted in Q1 2014 following a clean-up of the entire database.Some values slightly vary from figures published prior to Q1 2014.Remittance Prices Worldwide-Issue 46,June 2023 8
28、International MTO index The International MTO Index tracks the prices of MTOs that are present in at least 85 percent of corridors covered in the RPW database.4 In Q2 2023,the International MTO Index recorded an increase to 6.46 percent from the previous value of 6.37 percent in Q1 2023.Over the yea
29、r,this figure was up by 0.29 of a percentage point,recorded at 6.17 percent in Q2 2022.This figure has come down by 3.90 percentage points from its first recorded value of 10.36 percent in Q1 2009.In Q2 2023,the digital-only MTO Index recorded at 3.61 percent,a decrease from 3.90 percent in Q1 2023.
30、5 The digital-only MTO Index has consistently remained below both the International MTO Index and the global average.Figure 2 Trends in International MTO Index&Digital-only MTO Index Global weighted average The global weighted average total cost accounts for the relative size of the flows in each re
31、mittance corridor.6 This,as illustrated in Figure 3(see also Table 1 in the Annex),has at times shown a different 4 The International MTOs Index includes all MTOs that are present in over 85 percent of RPW corridors.Thus far,it has included Western Union and MoneyGram,which operate in 95 percent and
32、 90 percent of the country corridors covered in the database,respectively.5 A digital-only MTO refers to money transfer operators that send remittances predominantly through digital channels.The digital-only MTO index includes five digital-only MTOs,Wise,Remitly,WorldRemit,InstaReM and Xoom.Some of
33、these providers also have physical channels.6 It is important to note that,while official data on remittance flows by bilateral corridors are currently not available,estimates(Ratha and Shaw 2007,the 2021 version,available at http:/www.worldbank.org/en/topic/migrationremittancesdiasporaissues/brief/
34、migration-remittances-data)have been used in this calculation.These estimates are based on the Balance of Payments(BOP)and factor in migrant stocks,destination country incomes,and source country incomes.The methodology for these estimates has been questioned,as well as the accuracy of official data
35、on remittance flows and migrant Remittance Prices Worldwide-Issue 46,June 2023 9 pattern from the simple average.In Q2 2023,the Global Weighted Average was recorded at 4.53 percent.This figure has been recorded below 5.00 percent since Q4 2020.Over the last five years,this figure has decreased by ap
36、proximately 0.65 percentage points recorded at 5.18 percent in Q2 2018.Figure 3 Trends in Global weighted average&SmaRT average Smart Remitter Target(SmaRT)To complement the Global Average and Global Weighted Averages described above,the World Bank introduced the SmaRT indicator in Q2 2016,which aim
37、s to reflect the cost that a savvy consumer with access to sufficiently complete information could pay to transfer remittances in each corridor.SmaRT is calculated as the simple average of the three cheapest qualifying services for sending the equivalent of$200 in each corridor and is expressed as a
38、 percentage of the total amount sent.In addition to transparency,services must meet additional criteria to qualify for being included in the SmaRT calculation,including transaction speed(five days or less),and accessibility,determined by geographic proximity of branches for services that require phy
39、sical presence,or access to any technology or device necessary to use the service,such as a bank account,mobile phone,or the Internet.7 In Q2 2023,the Global SmaRT Average was recorded at 3.55 percent.stocks.However,this still represents the only available comprehensive dataset on bilateral remittan
40、ce flows.It also seems likely that overall,the dataset is sufficiently accurate to reflect at least the proportion between the different corridors,hence offering a good approximation to weight the relevance of each corridor in terms of flow size.7 For additional information on the methodology used t
41、o calculate SmaRT see https:/remittanceprices.worldbank.org/sites/default/files/smart_methodology.pdf Remittance Prices Worldwide-Issue 46,June 2023 10 The potential of SmaRT can be appreciated even more at the corridor level,where the indicators can inform policy actions by identifying limitations
42、at a more granular level.In Q2 2023,24 of the 3548 corridors did not have any SmaRT qualifying services,indicating that in these corridors there is an issue with either access or reach of services,or a lower level of competition.Of these 24 corridors,sixteen are destined for Sub-Saharan Africa,four
43、for the Middle East and North Africa,three for South Asia,and one for Latin America and the Caribbean.An overwhelming majority of these corridors have low Internet penetration and/or have low transaction account penetration,which indicate that access to the Internet and accounts should be proactivel
44、y targeted in these regions as a means of encouraging more diverse payment and remittance services offering.Majority of the receiving countries in this group have a“Green Light”SmaRT rating for accessibility to Cash,and majority(16 out of 24 see Box)have a“Green Light”rating for Mobile services(meas
45、ured by availability of cash services and number of cellular subscriptions per 100 persons).Box-Corridors without SmaRT qualifying services with“Green Light”rating for mobile services Angola to Namibia Italy to Egypt,Arab Rep.Ghana to Nigeria India to Bangladesh India to Pakistan India to Sri Lanka
46、Qatar to Sudan Qatar to Egypt,Arab Rep Nigeria to Benin Nigeria to Mali Nigeria to Togo Jordan to Syrian Arab Rep.Saudi Arabia to Syrian Arab Rep.Netherlands to Suriname Saudi Arabia to Sudan United Arab Emirates to Sudan Note:In Q2 2023,RPW continues to experience difficulties in collecting data on
47、 all outbound services from Nigeria.In addition,data on services originating in the Russian Federation(13 corridors)were not included.Therefore,for Q2 2023,RPW reports no qualifying services in these 16 corridors,three of which are listed in this Box in italics.The UN SDGs committed to ensure that,b
48、y 2030,it should be possible to send remittances for 5 percent or less in every corridor.The SmaRT averages are used as a reference for this indicator,reflecting the fact that in any given corridor there are services available to customers that meet the requirements described above,while also on ave
49、rage offering a cost that is in line with the UN SDG.As of Q2 2023,71 percent of all corridors covered in the RPW database had SmaRT corridor averages below 5 percent.9 Trends in corridor average total costs Figure 4 shows that compared to Q1 2009,the proportion of corridors with average costs of le
50、ss than 10 percent has increased considerably,showing an overall increase of share by 31 percentage points(53 percent of corridors in Q1 2009,compared to 83 percent of corridors in Q2 2023).This shift is naturally accompanied by a decrease of share of corridors exhibiting total costs over 15 percent
51、(18 percent of corridors compared to 3 percent of corridors).In the 10-15 percent total cost category there are 9 percent of corridors in Q2 2023,compared to 29 percent of corridors in Q1 2009.Year over year since Q1 2019,this gradual shift is visible.Of the 7 corridors with costs above 20 percent i
52、n Q2 2023,six originate in Sub-8 The number of corridors excludes the 13 corridors originating in Russia.9 This figure excludes the 13 corridors originating in Russia.Remittance Prices Worldwide-Issue 46,June 2023 11 Saharan Africa and are destinated for Sub-Saharan Africa.In the figure below,corrid
53、or average total costs for all outbound services from Nigeria remain unavailable.Corridor average total costs for services originating from Russia are also not included.These 16 corridors are shown as“NA”in Figure 4.Figure 4 Distribution of Average Total Costs G8 and G20 countries Cost of sending re
54、mittances from G8 countries The G8 countries include several of the major remittance sending countries in the world.10 The average cost for sending remittances from the G8 countries decreased from 5.97 percent in Q1 2023 to 5.83 percent in Q2 2023.Over the year,this figure increased by 0.15 of a per
55、centage point(from 5.68 percent in Q2 2022).The largest increase in total average cost to send remittances is seen in Italy(5.01 percent to 5.36 percent),followed by Japan(6.96 percent to 7.09 percent).The largest decrease is seen in United Kingdom(6.25 percent to 5.82 percent),followed by France(6.
56、29 percent to 5.98 percent),Germany(6.13 percent to 5.84 percent),Canada(6.51 percent to 6.45 percent),and the United States(5.69 percent to 5.66 percent).10 As the dataset did not include data on corridors originating from Russia collected in the same way as from other sending countries,the G8 and
57、G20 figures reported do not include data on these corridors from Russia.Remittance Prices Worldwide-Issue 46,June 2023 12 Figure 5 Total average over time in G8 countries Cost of sending remittances from and to G20 countries The cost of remitting from G20 countries experienced a small increase to 6.
58、43 percent in Q2 2023,as shown in Figure 6(also see Table 3 in the Annex).Figure 6 Average cost of sending$200 from G8 and G20 countries South Africa remains the costliest G20 country to send remittances from(see Figure 7).This is despite an overall decrease from its peak in Q1 2013,when the cost of
59、 sending from South Africa was more than 20 percent.In Q2 2023,remitting from South Africa incurred an average cost of 13.90 percent,an increase from its recorded value of 13.40 percent in Q1 2023.The cost of sending from the second most expensive G20 sending country Brazil was recorded at 9.41 perc
60、ent in Q2 2023.The Republic of Korea is the least expensive G20 sending country,recorded at 3.55 percent,followed by Saudi Arabia(4.69 percent),Italy(5.36 percent),the United States(5.66 percent),the United Kingdom(5.82 percent),Germany(5.84 Remittance Prices Worldwide-Issue 46,June 2023 13 percent)
61、,Australia(5.98 percent),and France(5.98 percent).Figure 7 Average cost of remitting from G20 countries Figure 8 Average cost of sending$200 to G20 countries Figures 8 and 9 display the total average cost of sending$200 to G20 countries over time and in Q2 2023,respectively(see also Table 4 in the A
62、nnex).The average cost of sending money to the G20 countries that are included in RPW as receiving markets was recorded at 5.58 percent in Q2 2023.Remittance Prices Worldwide-Issue 46,June 2023 14 Apart from a few quarters,the average cost of sending money to the G20 countries has followed the patte
63、rn of the Global Average.Since Q2 2017,the cost of remitting to G20 countries is recorded below the Global Average.In Q2 2023,South Africa(6.73 percent)is the most expensive country in this group to remit to,followed by China(6.45 percent),Brazil(6.28 percent),and Trkiye(6.01 percent).Costs for send
64、ing remittances to Indonesia,India,and Mexico were recorded below 6 percent.Mexico remained the cheapest receiving market in the G20 group,recorded at 4.63 percent.Figure 9 Average cost of remitting to G20 countries,by Country Regional trends The cost for remittance services varies significantly dep
65、ending on the region where the money is being sent to(see Figures 10&11 below and Table 5 in the Annex).Latin America and the Caribbean(LAC)experienced the largest increase from 5.81 percent to 6.13 percent,followed by Europe&Central Asia(ECA),and East Asia and Pacific(EAP).Sub-Saharan Africa(SSA)ex
66、perienced the largest decrease from 8.35 percent to 7.92 percent,followed by South Asia(SA)and Middle East and North Africa(MNA).Remittance Prices Worldwide-Issue 46,June 2023 15 Figure 10 Average costs over time by region of the world Figure 11 Average costs by region of the world Cost structure Ca
67、sh vs.digital services Figure 12 further compares the costs for remittance services among different regions,by breaking down the cost into two components:fee and foreign exchange(FX)margin.Within each region,Figure 12 differentiates between digital and non-digital remittances.It shows fees account f
68、or a large portion of the costs for remittance services.Moreover,costs for non-digital services are consistently higher than those for digital services regardless of the region where the money is being sent to.Remittance Prices Worldwide-Issue 46,June 2023 16 Figure 12 Average costs by region:cash v
69、s digital services Costs by RSP type RPW tracks the cost of sending remittances for four main RSP types:banks,MTOs,mobile operators,and post offices.Figure 13 provides a time series visual of all the RSP types included in the RPW dataset.Over time,banks,mobile operators,and MTOs have seen a general
70、decline of total average costs,while post office services,due to the small number of services,have led a volatile trend and overall recorded periodic increases since the historic low recorded in Q3 2013.Banks have been firmly above the Global Average,whereas MTOs and mobile operators have remained b
71、elow.11 Figure 13 Total averages over time by RSP type 11 Please refer to Box 2 in the Q1 2023 Remittance Prices Worldwide Quarterly Report for an analysis of the breakdown of mobile operator costs across fees and FX margins.Remittance Prices Worldwide-Issue 46,June 2023 17 Figure 14 provides an ove
72、rview for each RSP type in Q2 2022 and Q2 2023.Banks continue to be the costliest RSP type,with an average cost of 12.09 percent in Q2 2023.Post offices costs are recorded at 6.96 percent in Q2 2023.12 MTOs costs are recorded at 5.27 percent,while mobile operators are the cheapest RSP type with cost
73、s recorded at 4.11 percent.However,mobile operators only account for a very small share(less than 1%)of the sample size.Figure 14 Total average by RSP type Costs by sending and receiving method RPW captures separately the payment instrument used to fund the transaction and the one used to disburse t
74、he funds to the receiver.This approach is reflected in the charts below.This approach allows for further refinement of the analysis and increases its adaptability to new products that might emerge and has proven particularly useful in monitoring innovative products and players.In Q2 2023,the cheapes
75、t method for funding a remittance transaction was Mobile Money at 4.40 percent(55 services recorded in RPW)(Figure 15).The average cost when using Cash(1,731 services)was 6.67 percent.Sending money using credit or debit card(3,529 services)cost 5.18 percent.Using a bank account incurred an average c
76、ost of 7.46 percent(2,265 services).12 Several services originating in France via“La Poste”are provided by“La Banque Postale”which is a subsidiary of La Poste and is licensed as a bank.This recategorization seems to have impacted the average cost of sending via post offices in Q1 2022.Remittance Pri
77、ces Worldwide-Issue 46,June 2023 18 Figure 15 Average Cost by Instrument Used to Fund the Transaction The cost of sending remittances to a bank account within the same bank or to a partner of the originating bank(90 services)was recorded at 8.28 percent in Q2 2023(Figure 16).In contrast,sending mone
78、y to a bank account regardless of originating bank(2,787 services),was 6.83 percent.When funds are sent to a mobile wallet(546 services)the average cost in Q2 2023 was 4.18 percent.Services where money is disbursed in cash(4,242 services)cost on average 6.04 percent.Figure 16 Average cost by means o
79、f disbursing the funds Remittance Prices Worldwide-Issue 46,June 2023 19 Annex I Tables($200)Table 1 Global Average(%),International MTO Index 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 Global Avg.6.84 6.82 6.79 6.6
80、7 6.75 6.51 6.38 6.30 6.30 6.04 6.09 6.01 6.30 6.24 6.25 6.20 MTO Index 7.24 7.34 7.18 6.95 6.81 6.56 6.31 6.57 6.37 6.39 6.44 6.17 5.93 6.34 6.37 6.46 Table 2 Total average in G8 Countries(%)2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022
81、 Q4 2023 Q1 2023 Q2 Canada 7.94 8.28 7.44 7.12 6.27 5.23 6.13 6.47 6.60 6.69 6.66 6.50 6.60 6.29 6.51 6.45 France 6.83 6.76 6.79 6.27 6.30 6.06 5.93 5.78 6.21 6.41 6.69 6.41 6.09 5.75 6.29 5.98 Germany 7.64 7.49 7.70 7.10 7.47 7.10 7.26 6.15 6.37 6.22 6.10 5.83 7.02 5.98 6.13 5.84 Italy 6.33 5.71 5.
82、68 5.75 6.15 5.27 4.76 4.76 4.76 4.54 4.78 4.37 4.79 4.97 5.01 5.36 Japan 9.99 9.56 9.40 10.36 10.58 10.02 10.5 8.50 7.95 7.52 7.35 7.58 7.82 7.22 6.96 7.09 Russia 1.59 2.11 1.83 1.90 1.94 1.00 1.00 2.40 2.93 3.13 UK 7.28 7.23 7.42 6.74 6.57 6.48 6.44 6.25 6.06 5.65 5.64 5.62 6.33 6.34 6.25 5.82 USA
83、 5.36 5.43 5.36 5.21 5.14 5.22 4.88 5.41 5.61 5.18 5.52 5.55 5.36 5.58 5.69 5.66 G8 6.67 6.61 6.57 6.31 6.33 6.01 5.92 5.79 5.83 5.61 5.80 5.68 5.98 5.88 5.97 5.83 Table 3 Total average in G20 sending countries(%)2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1
84、 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 Australia 7.42 7.61 7.59 7.31 7.21 7.31 7.23 6.56 7.25 6.40 6.23 5.76 5.82 5.88 5.77 5.98 Brazil 6.57 6.83 5.09 9.57 9.77 7.00 7.17 7.74 4.81 4.19 5.93 7.71 9.01 8.08 8.10 9.41 Canada 7.94 8.28 7.44 7.12 6.27 5.23 6.13 6.47 6.60 6.69 6.66 6.50 6.60 6.29 6.51
85、6.45 France 6.83 6.76 6.79 6.27 6.30 6.06 5.93 5.78 6.21 6.41 6.69 6.41 6.09 5.75 6.29 5.98 Germany 7.64 7.49 7.70 7.10 7.47 7.10 7.26 6.15 6.37 6.22 6.10 5.83 7.02 5.98 6.13 5.84 Italy 6.33 5.71 5.68 5.75 6.15 5.27 4.76 4.76 4.76 4.54 4.78 4.37 4.79 4.97 5.01 5.36 Japan 9.99 9.56 9.40 10.36 10.58 1
86、0.02 10.5 8.50 7.95 7.52 7.35 7.58 7.82 7.22 6.96 7.09 Korea,Rep.4.87 4.50 4.77 4.72 4.74 4.74 4.61 4.15 4.18 3.46 2.98 2.93 2.07 2.28 3.30 3.55 Russia 1.59 2.11 1.83 1.90 1.94 1.00 1.00 2.40 2.93 3.13 Saudi Arabia 4.99 4.75 4.53 4.79 4.80 4.42 3.55 4.82 4.87 4.20 4.43 4.87 4.22 4.83 4.54 4.69 South
87、 Africa 15.96 17.18 15.34 14.56 15.05 14.41 14.91 15.86 14.81 13.02 13.93 14.73 15.01 13.19 13.4 13.9 UK 7.28 7.23 7.42 6.74 6.57 6.48 6.44 6.25 6.06 5.65 5.64 5.62 6.33 6.34 6.25 5.82 USA 5.36 5.43 5.36 5.21 5.14 5.22 4.88 5.41 5.61 5.18 5.52 5.55 5.36 5.58 5.69 5.66 From G20 7.08 7.07 6.93 6.73 6.
88、79 6.52 6.49 6.46 6.37 6.00 6.20 6.14 6.39 6.37 6.47 6.43 Remittance Prices Worldwide-Issue 46,June 2023 20 Table 4 Total average in G20 receiving countries(cost to send money to select countries%)2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3
89、 2022 Q4 2023 Q1 2023 Q2 Brazil 7.63 7.18 7.78 7.30 6.90 7.07 6.69 6.10 6.43 6.35 6.56 6.27 6.17 5.87 5.90 6.28 China 9.04 8.32 8.10 8.23 8.43 8.07 7.71 7.14 6.78 6.35 6.52 6.28 6.37 6.12 6.30 6.45 India 5.38 5.30 5.31 5.30 5.41 5.51 5.17 5.18 5.31 4.94 4.98 4.70 4.65 4.57 4.72 4.77 Indonesia 6.08 6
90、.15 6.12 6.68 6.57 6.53 6.29 6.16 6.15 5.62 5.61 5.57 5.26 5.51 5.34 5.58 Mexico 4.61 4.39 4.04 4.22 4.18 3.87 3.65 4.59 4.39 4.28 4.81 4.53 4.45 4.57 4.65 4.63 South Africa 7.54 7.80 7.82 7.41 8.14 8.03 8.08 7.16 8.21 6.20 6.36 6.56 6.68 6.43 6.64 6.73 Trkiye 6.62 6.62 6.72 6.67 7.26 6.75 6.91 7.54
91、 6.93 6.54 6.08 6.55 6.20 6.40 6.28 6.01 To G20 6.58 6.37 6.40 6.47 6.56 6.50 6.22 6.06 6.02 5.62 5.69 5.53 5.46 5.42 5.48 5.58 Table 5 Total average by regions of the world(%)2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023
92、 Q2 East Asia&Pacific 7.24 7.07 7.13 6.96 7.05 6.86 6.74 6.24 6.21 5.91 5.85 5.76 5.70 5.70 5.70 5.87 Europe&Central Asia(excl.RUS)6.59 6.55 6.48 6.27 6.51 6.42 6.61 6.25 6.15 6.05 6.40 6.43 6.89 6.36 6.59 6.87 Latin America&Caribbean 5.92 6.07 5.97 5.77 5.83 5.56 5.51 5.58 5.72 5.60 6.03 5.96 5.64
93、5.75 5.81 6.13 Middle East&North Africa 6.76 6.91 7.00 7.17 7.51 6.58 6.31 6.22 6.56 6.37 6.66 6.33 6.15 6.16 6.08 5.88 South Asia 5.02 4.90 4.95 4.92 4.98 4.88 4.64 4.30 4.49 4.30 4.21 4.05 4.94 4.94 4.58 4.31 Sub-Saharan Africa 9.01 9.10 8.90 8.71 8.47 8.19 8.02 8.72 8.27 7.83 7.84 7.84 8.46 8.01
94、8.35 7.92 Remittance Prices Worldwide-Issue 46,June 2023 21 Annex II-Cost Trends for Sending$500 This Annex is a continued supplement to the ongoing global cost reduction monitoring efforts established with the main RPW Quarterly Report.Global targets for reduction of remittance costs have focused o
95、n$200(or local currency equivalent)as the amount sent,which is estimated to be an accurate representation of a typical remittance transaction size.However,data for$500(or equivalent)have also been collected alongside and have been analyzed since Q4 2017 to complement the$200 analysis.The analysis in
96、 this annex shows that the average cost of sending$500 is lower as a percentage of amount sent compared to the average cost of sending$200.The analysis additionally confirms that the average cost of sending$500 has followed a similar trend to the one observed over the years for$200.Global trends for
97、 sending$500 Global average total cost In Q2 2023,the Global Average cost for sending$500 was 4.21 percent.The average cost of sending$500 has remained below the 5.00 percent since Q2 2014 and has never exhibited a value above 6 percent(the costliest period was in Q3 2011,where the total average cos
98、t of sending$500 was recorded at 5.59 percent)(Figure 17).This represents a decline of 1.11 percentage point since Q1 2011,when the figure was first recorded at 5.32 percent.Over the preceding 5-year period(Q2 2018 Q2 2023),the total cost of sending$500 has decreased by 0.33 percentage point.Figure
99、17 Global average total cost for sending$500 Remittance Prices Worldwide-Issue 46,June 2023 22 International MTO Index The International MTO Index tracks the prices of MTOs that are present in at least 85 percent of corridors covered in the RPW database.13 In Q2 2023,the International MTO Index for$
100、500 stayed the same at 4.86 percent.As seen in Figure 17,the International MTO Index exhibits an overall downwards trend.Over the preceding 5-year period(Q2 2018 Q2 2023),the total cost of sending$500 has decreased by 0.83 percentage point.G20 Countries Cost of sending remittances from and to G20 co
101、untries The cost of remitting$500 from G20 countries has remained below 5.00 percent since Q1 2014,when this figure was recorded at 5.10 percent.The total cost of remitting$500 from G20 countries has closely followed a similar trend as the Global Average of sending$500,as seen in Figure 18.The cost
102、of remitting$500 from G20 countries in Q2 2023 experienced a decrease,recorded at 4.37 percent.Figure 18 Average cost of sending$500 from G20 countries In Q2 2023,Brazil is the most expensive G20 country to send$500 from(see Figure 19)at 8.76 percent,followed by South Africa recorded at 8.04 percent
103、.The Republic of Korea remains the least expensive sending country in this grouping,exhibiting a total average cost of sending$500 of 1.50 percent,followed by Saudi Arabia(2.95 percent),Italy(3.63 percent),Germany(3.88 percent),the United States(3.97 percent),Japan(4.01 percent),and Australia(4.07 p
104、ercent).Of this group Brazil,Canada,France,the United Kingdom,and South Africa exhibit costs higher than the Global Average in Q2 2023.Figure 19 Average cost of remitting from G20 countries 13 The International MTOs Index includes all MTOs that are present in over 85 percent of RPW corridors.Thus fa
105、r,it has included Western Union and MoneyGram,which operate in 95 percent and 90 percent of the country corridors covered in the database,respectively.Remittance Prices Worldwide-Issue 46,June 2023 23 Figures 20 and 21 display the total average cost of sending$500 to G20 countries over time and in Q
106、2 2023,respectively.The average cost of sending$500 to the G20 countries that are included in RPW as receiving markets increased slightly from 3.66 percent in Q1 2023 to 3.73 percent in Q2 2023.Figure 20 Average cost of remitting to G20 countries For the past 5 consecutive years,the cost of remittin
107、g$500 to G20 countries is recorded below the Global Average cost of sending$500.In Q2 2023,South Africa(4.99 percent)remains the most expensive country in this grouping to remit to,followed by Brazil(4.78 percent),Trkiye(4.57 percent),and China(4.18 percent).Over the last 5 years,the total average c
108、ost of sending to G20 countries has decreased by 0.43 of a percentage point(in Q2 2018,this figure was recorded at 4.16 percent).Figure 21 Average cost of remitting$500 to G20 countries,by Country Remittance Prices Worldwide-Issue 46,June 2023 24 Remittance Prices Worldwide-Issue 46,June 2023 25 Ann
109、ex III Tables($500)Table 6 Global Average,International MTO Index($500)2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 Global Avg.4.57 4.52 4.52 4.42 4.53 4.31 4.22 4.21 4.23 4.10 4.09 4.04 4.28 4.37 4.33 4.21 MTO Index
110、5.35 5.41 5.29 5.06 5.00 4.79 4.59 4.80 4.73 4.83 4.86 4.65 4.52 4.84 4.86 4.86 Table 7 Cost of sending$500 from G20 countries 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 Australia 4.82 4.94 4.91 4.71 4.68 4.73 4.71
111、4.38 4.63 4.44 4.24 3.76 3.90 4.05 4.02 4.07 Brazil 4.38 5.65 4.15 9.19 9.46 6.79 6.82 7.65 4.50 3.96 6.01 7.20 9.26 7.88 7.68 8.76 Canada 5.48 5.68 4.84 4.74 4.22 3.32 4.23 4.58 4.70 4.54 4.55 4.43 4.59 4.74 4.94 4.81 France 5.46 5.33 5.36 4.86 5.00 4.67 4.52 4.28 4.63 4.68 4.54 4.42 4.10 4.15 4.47
112、 4.39 Germany 5.34 5.23 5.44 4.82 5.22 4.89 5.04 4.08 3.97 4.11 3.93 3.94 4.63 4.09 4.23 3.88 Italy 4.35 3.74 3.82 3.99 4.43 3.59 3.13 3.20 3.25 3.12 3.31 3.00 3.40 3.62 3.59 3.63 Japan 5.17 5.02 4.83 5.32 5.89 5.19 5.42 4.60 4.36 4.30 4.16 4.13 4.39 4.19 3.89 4.01 Korea,Rep.2.60 2.18 2.46 2.38 2.40
113、 2.54 2.41 2.24 2.40 2.14 1.87 1.87 1.05 1.28 1.34 1.50 Russia 1.48 1.94 1.50 1.55 1.61 1.00 1.00 2.40 2.66 2.83 Saudi Arabia 3.11 2.87 2.65 2.94 2.66 2.52 2.01 2.88 2.91 2.64 2.88 3.13 2.54 3.18 2.86 2.95 South Africa 10.11 10.93 9.74 8.58 9.09 8.75 8.99 9.38 9.11 7.75 8.18 8.68 8.64 8.22 7.81 8.04
114、 UK 5.17 5.09 5.26 4.76 4.74 4.68 4.69 4.62 4.54 4.21 4.09 3.99 4.80 4.86 4.76 4.27 USA 3.67 3.75 3.73 3.58 3.50 3.62 3.33 3.78 3.88 3.71 3.89 3.95 3.77 4.00 4.07 3.97 From G20 4.78 4.74 4.66 4.47 4.59 4.35 4.34 4.35 4.31 4.13 4.19 4.14 4.36 4.49 4.50 4.37 Table 8 Cost of receiving$500 in G20 countr
115、ies 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 Brazil 5.56 5.20 5.78 5.42 5.00 5.17 4.77 4.64 4.87 4.91 5.04 4.67 4.72 4.57 4.56 4.78 China 5.83 5.06 4.91 5.02 5.25 4.93 4.72 4.44 4.25 4.02 4.11 3.98 4.01 4.01 4.10
116、4.18 India 3.31 3.20 3.24 3.20 3.29 3.38 3.05 3.13 3.14 2.99 3.03 2.88 2.78 2.85 2.85 2.96 Indonesia 3.75 3.84 3.84 4.32 4.17 4.18 3.89 3.90 3.82 3.62 3.61 3.60 3.34 3.73 3.51 3.69 Mexico 3.16 2.94 2.57 2.81 2.69 2.36 2.13 2.83 2.76 2.86 3.21 3.09 2.94 3.12 3.15 3.05 South Africa 5.78 6.20 6.06 5.72
117、 6.29 6.23 6.28 5.47 6.28 4.62 4.75 5.03 5.24 4.91 5.13 4.99 Trkiye 4.82 4.94 5.01 4.90 5.45 4.94 5.18 5.24 4.81 4.64 4.18 4.76 4.58 4.67 4.70 4.57 To G20 4.28 4.07 4.11 4.17 4.24 4.19 3.94 3.90 3.86 3.67 3.71 3.64 3.56 3.67 3.66 3.73 Remittance Prices Worldwide-Issue 46,June 2023 26 Annex IV Prospe
118、cts Index Since Q1 2022,RPW data collection would be used to also monitor new services via a prospects index.These new services could be candidates for inclusion in the main index in the future subject to them meeting certain requirements.In Q2 2023,four new services originating from two sending cou
119、ntry were added to the prospects index,covering four destination countries.In Q2 2023,two services were moved from the Prospects Index and added to the main analysis.Taken together,the Prospects Index now includes 59 services.Figure 22 shows the distribution of these services by receiving region.Ser
120、vices destined for Sub-Saharan Africa and East Asia and Pacific make up majority of the prospects index.Figure 22 Number of Prospects Index services by receiving region Average cost for sending$200 for the prospects index was 10.66 percent,much higher than the global average of 6.20 percent.Sixteen
121、services were digital services,accounting for 27 percent of all services in the prospects index.Average cost for digital remittances was 7.51 percent,also higher than the global digital remittances index of 4.60 percent.Figure 23 plots the average cost by receiving regions.The high average cost is c
122、aused by multiple reasons.Services destined for Sub-Saharan Africa,traditionally a high-cost region,account for close to half of all services in the Prospects Index.Moreover,Q1 2023 saw the introduction of over thirty collaborations between Bank and MTO services to the Prospects Index.Although their
123、 costs(15.2)are much lower than their non-MTO counterparts(21.17 percent),they are still high compared to the main dataset(the global average is 6.20%in Q2 2023).14 In Q2 2023,cheapest method to fund a remittance transaction among the services in the prospects index was debit/credit card at 2.84 per
124、cent.According to Table 9,average costs of sending$200 via various 14 The large cost in Europe and Central Asia is due to one particular service,which is a collaboration between a bank and an MTO.RPW will continue to monitor this service via the prospects index to understand its consistency and mate
125、riality.21224624East Asia&PacificEurope&Central AsiaLatin America&CaribbeanMiddle East&North AfricaSouth AsiaSub-Saharan Africa Remittance Prices Worldwide-Issue 46,June 2023 27 payment instrument are lower than their main dataset counterparts,with the exception of services sent via bank account tra
126、nsfers,consistent with the sizable presence of bank/MTO services in the Prospects Index.Figure 23 Average cost of Prospects Index services by region,sending$200(%)Table 9 Average Cost by Instrument Used to Fund the Transaction,sending$200 Sending method Cash Bank Account Debit/Credit Card Mobile Mon
127、ey Prospects Index 5.41 14.04 2.84 na Number of services 14 38 7 0 Table 10 Average cost by means of disbursing the funds,sending$200 Receiving method Cash Bank Account Bank Account(same bank)Mobile Wallet Prospects Index 11.60 9.38 1.95 na Number of services 34 25 1 0 Table 11 provides additional i
128、nformation for comparison,including the average costs using the services included in the prospects index only,the average costs without these services as shown elsewhere in this report,and the average costs if these services would instead be included in the main analysis.RPW will continue to monitor
129、 new services in the coming quarters as part of the prospects index.Over 0%5%10%15%20%25%30%35%40%45%50%East Asia&Pacific Europe&CentralAsiaLatin America&CaribbeanMiddle East&North AfricaSouth AsiaSub-SaharanAfrica Remittance Prices Worldwide-Issue 46,June 2023 28 time,these services will be added t
130、o the main analysis and indices,based on a combination of materiality and diversity criteria.Table 11 A comparison of cost of sending$200 with/without the services in the prospects index Prospects Index#of services Q2 2023 averages(Reported in the main section)Would-be Q2 2023 averages including pro
131、spects East Asia&Pacific 5.96 21 5.87 5.87 Europe&Central Asia 45.62 2 6.87 6.96 Latin America&Caribbean 5.25 2 6.13 6.12 Middle East&North Africa 3.66 4 5.88 5.86 South Asia 5.14 6 4.31 4.31 Sub-Saharan Africa 14.86 24 7.92 8.01 Average total cost 10.66 59 6.20 6.23 Digital remittances index 7.51 1
132、6 4.60 4.62 Remittance Prices Worldwide-Issue 46,June 2023 29 Annex V Corridors from Russia RSPs in a few Russian corridors have resumed services.Out of the 13 corridors in the RPW database,data collection has resumed in 9 corridors,with a total of 49 services.The number of services per corridor res
133、umed to 5.4 services per corridor in Q2 2023.The countries to which services remain unavailable are Estonia,Latvia,Lithuania,and Ukraine.Table 12 presents a comparison of corridor averages in Q4 2021,Q3 2022,Q1 2023,and Q2 2023.Due to the ongoing Russia-Ukraine war,these services have been excluded
134、from the main analysis.Table 12 Cost of sending$200 in Russian corridors comparison Q4 2021#of services Q3 2022#of services Q1 2023#of services15 Q2 2023#of services16 Russian Federation to Armenia 1.78 2 2.50 1 2.50 1 2.50 1 Russian Federation to Azerbaijan 1.77 4 1.00 2 1.00 6 1.00 6 Russian Feder
135、ation to Belarus 1.15 5 0.96 3 0.99 7 0.99 7 Russian Federation to Estonia 6.27 6-Russian Federation to Georgia 1.91 6 1.00 1 1.00 6 1.65 7 Russian Federation to Kazakhstan 1.47 5 0.96 3 0.99 7 0.99 7 Russian Federation to Kyrgyz Republic 0.90 6 4.14 4 0.96 7 0.96 7 Russian Federation to Latvia 6.90
136、 5-Russian Federation to Lithuania 6.57 5-Russian Federation to Moldova 1.56 5 0.98 2 0.99 7 0.99 7 Russian Federation to Tajikistan 2.13 4 2.10 3 1.17 2 0.99 2 Russian Federation to Ukraine 4.30 6-Russian Federation to Uzbekistan 2.65 7 3.60 5 1.38 1 2.37 5 15 Please note that this column is based on the new data categorization.16 Please note that this column is based on the new data categorization.Remittance Prices Worldwide-Issue 46,June 2023 30 The World Bank Group 1818 H Street NW Washington,DC 20433 USA www.worldbank.org paymentsystemsworldbank.org Telephone:+1 202 473-1000