Last year, people and businesses around the world lost $187 billions due to hidden inflated exchange rates. The UK's average cost of sending remittances abroad has trended upwards to 6.3%. Reducing remittance costs to 3% by 2030 is a global target under the United Nation’s Sustainable Development Goal (SDG) 10.C. We have a long way to go.
According to the World Bank, “the single most important factor leading to high remittance prices is a lack of transparency in the market.”