Global remittances reached $714 billion in 2019 and the average global cost is approximately 7%. That means the world paid $48.7 billion in remittance fees in 2019. 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.”