2023-12-14-世界银行-2023年第二季全球汇款成本报告_30页_2mb

Summary of Trends in Cost of Remittance Services (Q2 2023)

Core Content

The Remittance Prices Worldwide (RPW) report provides an analysis of global trends in the cost of sending remittances, tracking the average costs across 351 corridors (excluding 13 from Russia and 3 from Nigeria) for Q2 2023. The report highlights the impact of digital services, regional differences, and the role of various remittance service providers (RSPs).

Main Points

Global Trends

• Global Average Cost: The global average cost of sending $200 decreased slightly from 6.25% in Q1 2023 to 6.20% in Q2 2023.
• Digital Remittances Index: The average cost for digital remittances dropped from 4.72% in Q1 2023 to 4.60% in Q2 2023.
• Global Weighted Average: The global weighted average total cost fell to 4.53% in Q2 2023 from 4.79% in Q1 2023.
• SmaRT Average: The Global SmaRT Average, which reflects the cost for a savvy consumer, was recorded at 3.55% in Q2 2023, up from 3.47% in Q1 2023.
• Corridors with Costs Below 5%: The proportion of corridors with average costs below 5% increased to 38% in Q2 2023 from 17% in Q1 2009.
• Mobile Money: Mobile money remains the lowest cost instrument for both sending and receiving remittances, with an average cost of 4.40% in Q2 2023.

Regional Trends

• Sub-Saharan Africa: The most expensive region to send money to, with an average cost of 7.92% in Q2 2023.
• South Asia: The lowest cost receiving region, with an average cost of 4.31%.
• Latin America and the Caribbean (LAC): Experienced the largest increase in average costs, from 5.81% to 6.13%.
• Europe & Central Asia (ECA) and East Asia and Pacific (EAP): Also saw increases in average costs.
• Cost to Send to G20 Countries: The average cost was recorded at 5.58% in Q2 2023, with South Africa being the most expensive at 6.73%, followed by China (6.45%), Brazil (6.28%), and Türkiye (6.01%).
• Cheapest Receiving Market: Mexico remained the cheapest receiving market in the G20 group, with an average cost of 4.63%.

Cost Structure

• Cash vs. Digital Services: Digital services consistently offer lower costs than cash-based services, with digital services accounting for 30% of all services tracked in Q2 2023.
• Costs by RSP Type:
  • Banks: Remain the most expensive, with an average cost of 12.09%.
  • Post Offices: Have a cost of 6.96%.
  • MTOs: Average cost of 5.27%.
  • Mobile Operators: The cheapest RSP type, with an average cost of 4.11%, though they represent less than 1% of the sample.

Special Notes

• Russia and Nigeria Data Exclusions: Due to the ongoing invasion of Ukraine by Russia and the Central Bank of Nigeria's ban on outbound transfers, data from these corridors were excluded from the main analysis.
• Prospects Index: RPW monitors new services via the Prospects Index, which includes four new services added in Q2 2023 and two moved to the main analysis.
• SDG Targets: The World Bank aims to reduce the global average remittance cost to 3% by 2030 and ensure all corridors have costs of 5% or less. As of Q2 2023, 71% of corridors have SmaRT averages below 5%.

Key Findings

• The global average cost of remittances has decreased significantly over the years, from 9.67% in Q1 2009 to 6.20% in Q2 2023.
• Digital-only MTOs have consistently lower costs than traditional MTOs and banks.
• Mobile money and digital services are playing a key role in reducing remittance costs globally.
• Sub-Saharan Africa continues to be the most expensive region to send remittances to, while South Asia is the cheapest.
• There are 24 corridors without SmaRT qualifying services, mostly in Sub-Saharan Africa, indicating issues with access and competition.

Conclusion

The report underscores the ongoing efforts to reduce remittance costs globally, with digital services and mobile operators leading the way. Despite some regional increases, the overall trend shows a decline in costs, aligning with global initiatives such as the G20 and UN SDGs. Continued investment in digital infrastructure and financial inclusion is crucial to achieving these targets, particularly in regions with low Internet and transaction account penetration.