by Merch C.
For millions of migrant workers around the world, sending money home is more than a financial transaction—it's a lifeline. Yet, in some countries, the cost of remitting funds remains alarmingly high, eating into the very support families rely on. Despite global efforts to reduce remittance fees to below 3% by 2030, many corridors still exceed this target by a wide margin.
According to the World Bank, the global average cost of sending $200 stood at 6.62% as of Q3 2024. While this marks a gradual decline from previous years, the burden remains especially heavy in certain regions—most notably in parts of Africa and Asia.
Here’s a snapshot of the countries where sending $200 costs the most :
Rank 1 : Tanzania
Average Cost to Send $200 = $115 (57.5%)
Rank 2 : Türkiye
Average Cost to Send $200 = $53 (26.5%)
Rank 3 : Senegal
Average Cost to Send $200 = $35 (17.5%)
Rank 4 : Rwanda
Average Cost to Send $200 = $30 (15%)
Rank 5 : Angola
Average Cost to Send $200 = $29 (14.5%)
Rank 6 : Israel
Average Cost to Send $200 = $27 (13.5%)
Rank 7 : Thailand
Average Cost to Send $200 = $26 (13%)
Rank 8 : South Africa
Average Cost to Send $200 = $24 (12%)
Rank 9 : Kenya
Average Cost to Send $200 = $22 (11%)
Rank 10 : Ghana
Average Cost to Send $200 = $20 (10%)
(These figures include both transfer fees and exchange rate margins.)
Several factors contribute to these steep fees :
Limited competition among money transfer operators.
Underdeveloped digital infrastructure.
Currency conversion costs.
Regulatory hurdles and lack of transparency.
In Tanzania, for example, a few dominant banks control the market, driving up transaction costs. In other regions, the absence of digital payment systems forces reliance on costly cash-based services.
Posted : 02 July 2025
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