2023年第三季度全球汇款成本（英）.docx

Issue47September2023ANANALYSISOFTRENDSINCOSTOFREMITTANCESERVICESREMITTANCEPRICESWORLDWIDEQUARTERLYThisReportreflectsthelatesttrendsobservedinthedatapublishedinSeptember2023.RemittancePricesWorldwideisavailableathttp:/remittanceprices.worldbank.org©TheWorldBankGroup,2023OverviewRemittancePricesWorldwide(RPW)monitorsremittancepricesacrossallgeographicregionsoftheworld.LaunchedinSeptember2008,RPWmonitorsthecostincurredbyremitterswhensendingmoneyalongmajorremittancecorridors.RPWisusedasareferenceformeasuringprogresstowardsglobalcostreductionobjectives,includingtheG20commitmenttoreducetheglobalaverageto3percent,whichisbeingpursuedinpartnershipwithgovernments,serviceproviders,andotherstakeholders.SinceQ22016,RPWcovers48remittancesendingcountriesand105receivingcountries,foratotalof367countrycorridorsworldwide.RPWtracksthecostofsendingremittancesforfourmainRSPtypes:Banks,MTOs,MobileOperators,andPostOffices.MTOsincludebothtraditionalprovidersandinnovative/fintechplayers.Onaverage,21.5servicespercorridoraretracked.ThisReportusesdatafromRPW,smostrecentreleasetoanalyzetheglobal,regional,andcountryspecifictrendsintheaveragecostofmigrantremittances.FXCIntelligenceprovidestheunderlyingdatausedintheRPW.Keyfindings TheGlobalAveragedecreasedfrom6.20percentinQ22023to6.18percentinQ32023. TheInternationalMTOIndexexperiencedadecreaseoverthequarterto6.29percentinQ32023,from6.46percentinQ22023. TheGlobalWeightedAverageincreasedto4.78percentinQ32023from4.53percentinQ22023. TheGlobalSmaRTAverageforQ32023wasrecordedat3.36percent(downfrom3.55percentinQ22023).Twenty-twocorridorsdidnothaveanySmaRTqualifyingservices. TheDigitalremittancesindexincreasedfrom4.60percentinQ22023to4.84percentinQ32023. TheDigital-onlyMTOindexexperiencedanincreaseto3.92percentinQ32023from3.61inQ2. SouthAsiaremainsthelowestcostreceivingregion,withanaveragecostof5.44percent.Sub-SaharanAfricaremainsthemostexpensiveregiontosendmoneyto,recordedat7.39percenttotalaveragecostinQ32023. Banksremainthemostexpensivetypeofserviceprovider,withanaveragecostof11.48percent. Theproportionofcorridorswithaveragecostsoflessthan5percenthasincreasedconsiderablysinceQ12009(from17percentto37percentinQ32023). InQ32023,mobilemoneyremainsthelowestcostinstrumenttooriginateremittancesandwasalsothelowestcostinstrumenttoreceiveremittances. DuetotheongoingRussia-Ukrainewar,RPWdidnotincludeanydataoncorridorsoriginatingintheRussianFederationinQ1andQ22022.InQ3-Q42022andQ1-Q32023,onlypubliclyavailableonlinedataoncorridorsoriginatinginRussiawerecollected,i.e.,mysteryshoppingordatacollectionviaAPIswerenotemployed.Duetothisdeviationindatacollectionmethodology,theseserviceswerenotincludedinthemainanalysisinQ32023(aswellasinQ3-Q42022andQ1-Q22023);instead,thedataarepresentedinAnnexV. InQ32023,elevenweremovedfromtheprospectsindextothemainanalysis,afterdemonstratingconsistency,materialityanddiversity.Inthesamequarter,thirty-fivenewserviceswereaddedtotheprospectsindex.RPWwillcontinuetomonitorandincludenewserviceswhenandwhererelevantusingtheprospectsindex.TableofContentsOverview3Keyfindings3Progresstracker6NumberofcorridorsintheQ22023dataset6Prospectsindex6Globaltrends7Globalaverageexperiencesadecrease7InternationalMTOIndex8Globalweightedaverage8SmartRemitterTarget(SmaRT)9Trendsincorridoraveragetotalcosts11G8andG20countries11CostofsendingremittancesfromG8countries11CostofsendingremittancesfromandtoG20countries12Regionaltrends14Coststructure15Cashvs.DigitalServices15CostsbyRSPType16CostsbySendingandReceivingMethod17Annex I -Tables($200)20Annex II -CostTrendsforSending$50022Globaltrendsforsending$50022Globalaveragetotalcost22InternationalMTOIndex23G20Countries23CostofsendingremittancesfromandtoG20countries23Annex III -Tables($500)26Annex IV -ProspectsIndex27Annex V -CorridorsfromRussia30ProgresstrackerRPWindicatorsareusedtomeasuretheprogresstowardstargetsofglobaleffortsforthereductionofremittancecosts.TheUNSDGsandtheG20haveindicatedatargetof3percentfortheGlobalAveragetobereachedby2030. The G8 (L,Aquila, 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 UN's 2030 Agenda to include cost reduction targets set under SDG 10.c. In addition, through the G20 Roadmap for Enhancing Cross-Border Payments, the G20 reaffirmed SDG 10.c for remittance costs. World Bank,s Remittance Prices Worldwide database will be used to monitor several targets on remittances in the Roadmap, including those on cost, speed and transparency. See FSB (2021), Targets for addressing the four challenges of cross-border payments (https:/WWWfsb.or/WD-COntent/uDloadSP131021 -2.edf) and FSB (2022), Develop Payments Targets (https:WWW.fsb.org/ws-content/uploads/P171122.Ddf). Until now, RPW has been reporting on the G8G20 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.Atthesametime,theUNSDGsandtheG20havealsocommittedtoensuringthatinallcorridors,remittancescanbetransferredfor5percentorless.Thefigurebelowsummarizestheprogresstowardsthesethreetargets.6.18%Global average cost ofsending $200-1.18Percentage points toachieve the G20 target of 5percent-3.18Percentage points toachieve the SDG Objectiveof 3 percent19%Corridors with SmaRT averageabove 5 percent(UN SDG target to reach zero)NumberofcorridorsintheQ32023datasetTheQ32023datasetincludesdatafrom351corridors(excluding13originatinginRussia,and3originatinginNigeria).DuetotheongoingRussia-Ukrainewar,RPWdidnotincludeanydataoncorridorsoriginatingintheRussianFederation.Inaddition,remittanceserviceproviders(RSPs)havestillnotresumedoutgoingremittanceoperationsinNigeriaduetotheCentralBankofNigeriabanningalloutboundtransfersfromthecountry.ProspectsindexSinceQ12022,RPWdatacollectionwouldbeusedtoalsomonitornewservicesviaaprospectsindex.Thesenewservicescouldbecandidatesforinclusioninthemainindexinthefuturesubjecttothemmeetingcertainrequirements.PleaseseeAnnexIVfordetails.GlobaltrendsGlobalaverageexperiencesadecreaseInQ32023,theGlobalAveragecostforsendingremittanceswas6.18percent,aminutedecreasefrom6.20inQ22023.TheGlobalAveragehasremainedbelow7.00percentsinceQ12019(seeFigure1belowandTable1intheAnnex).Overall,thisrepresentsadeclineof3.49percentagepointssinceQ12009,whenthefigurewasrecordedat9.67percent.InQ32023,theglobalaveragefordigitalremittanceswasrecordedat4.84percent,whiletheglobalaveragefornon-digitalremittanceswas6.77percent.Digitalservicesaccountfor30%ofallservicesRPWcollectedinQ32023. 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 acnt maintained at a non-bank deposit taking institution (say a post office), mobile money or e-money account. 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.Trendsintheglobalcostofsending$200inremittances33SDGTargetInternationalMTOindexTheInternationalMTOIndextracksthepricesofMTOsthatarepresentinatleast85percentofcorridorscoveredintheRPWdatabase. 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 MoneyGram1 which operate in 95 percent and 90 percent of the country corridors covered in the database, respectively.InQ32023,theInternationalMTOIndexrecordedadecreaseto6.29percentfromthepreviousvalueof6.46percentinQ22023.Overtheyear,thisfigurewasupby0.36ofapercentagepoint,recordedat5.93percentinQ32022.Thisfigurehascomedownby4.07percentagepointsfromitsfirstrecordedvalueof10.36percentinQ12009.InQ32023,thedigital-onlyMTOIndexrecordedat3.92percent,anincreasefrom3.61percentinQ22023. 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, Remitly1 WorIdRemit, InstaReM and Xoom. Some of these providers also have physical channels.Thedigital-onlyMTOIndexhasconsistentlyremainedbelowboththeInternationalMTOIndexandtheglobalaverage.Figure 2 Trends in International MTO Index & Digital-only MTO Index(£OOZ9 6spuas Jo-Soo2.001.00DigitalonlyMTOIndexMTOIndexGlobalweightedaverageTheglobalweightedaveragetotalcostaccountsfortherelativesizeoftheflowsineachremittancecorridor. 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 2018 version, available atThis,asillustratedinFigure3(seealsoTable1intheAnnex),hasattimesshownadifferentpatternfromthesimpleaverage.InQ32023,theGlobalWeightedAveragewasrecordedat4.78percent.Thisfigurehasbeenrecordedbelow5.00percentsinceQ42020.Overthelastfiveyears,thisfigurehasdecreasedbyapproximately0.52percentagepoints-recordedat5.29percentinQ32018.TrendsinGlobalweightedaverage&SmaRTaverage6543SDGTarget昌 o>, >l O1 o,二I§ § 8 ° °二'jl W W1 *2, 52CC C20Z OZlMOZ OIWOZ glzzoz QRZZOZ OZlZNOZ OLiZ20Z gLzOZ ORmZ QZJZOZ CnjZOZ go,zoz Oco,ZOZ QZO,NOZ CHIoZoZ OQ6L0Z 0°.6LoZ OZI6SN Ol 6sz gcolz Qe<0lz OZ<0,LON OLCO,LOZ gJLOZ doz CHIZOZ g<o,L0z Qslgsz ONI9SZ OI9L0Z glgoz QeIgOZ OZlgOZ CHIgLOZ gqsZ ORWOZ 0:0Z QlWoZ gco,z Global Average Global Weighted AverageSmaRT IndexSmartRemitterTarget(SmaRT)TocomplementtheGlobalAverageandGlobalWeightedAveragesdescribedabove,theWorldBankintroducedtheSmaRTindicatorinQ22016,whichaimstoreflectthecostthatasavvyconsumerwithaccesstosufficientlycompleteinformationcouldpaytotransferremittancesineachcorridor.SmaRTiscalculatedasthesimpleaverageofthethreecheapestqualifyingservicesforsendingtheequivalentof$200ineachcorridorandisexpressedasapercentageofthetotalamountsent.Inadditiontotransparency,servicesmustmeetadditionalcriteriatoqualifyforbeingincludedintheSmaRTcalculation,includingtransactionspeed(fivedaysorless),andaccessibility,determinedbygeographicproximityofhtto：WwW.worldbank.ora/en/topic/miarationremittancesdiasporaissues/brief/miaration-remiHances-data)havebeenusedinthiscalculation.TheseestimatesarebasedontheBalanceofPayments(BOP)andfactorinmigrantstocks,destinationcountryincomes,andsourcecountryincomes.Themethodologyfortheseestimateshasbeenquestioned,aswellastheaccuracyofofficialdataonremittanceflowsandmigrantstocks.However,thisstillrepresentstheonlyavailablecomprehensivedatasetonbilateralremittanceflows.Italsoseemslikelythatoverall,thedatasetissufficientlyaccuratetoreflectatleasttheproportionbetweenthedifferentcorridors,henceofferingagoodapproximationtoweighttherelevanceofeachcorridorintermsofflowsize.Emittance9branchesforservicesthatrequirephysicalpresence,oraccesstoanytechnologyordevicenecessarytousetheservice,suchasabankaccount,mobilephone,ortheInternet.7InQ32023,theGlobalSmaRTAveragewasrecordedat3.36percent.ThepotentialofSmaRTcanbeappreciatedevenmoreatthecorridorlevel,wheretheindicatorscaninformpolicyactionsbyidentifyinglimitationsatamoregranularlevel.InQ32023,22ofthe3548corridorsdidnothaveanySmaRTqualifyingservices,indicatingthatinthesecorridorsthereisanissuewitheitheraccessorreachofservices,oralowerlevelofcompetition.Ofthese22corridors,fourteenaredestinedforSub-SaharanAfrica,fourfortheMiddleEastandNorthAfrica,threeforSouthAsia,andoneforLatinAmericaandtheCaribbean.AnoverwhelmingmajorityofthesecorridorshavelowInternetpenetrationand/orhavelowtransactionaccountpenetration,whichindicatethataccesstotheInternetandaccountsshouldbeproactivelytargetedintheseregionsasameansofencouragingmorediversepaymentandremittanceservicesoffering.MajorityofthereceivingcountriesinthisgrouphaveauGreenLight"SmaRTratingforaccessibilitytoCash,andmajority(15outof22-seeBox1)havea,4GreenLightnratingforMobileservices(measuredbyavailabilityofcashservicesandnumberofcellularsubscriptionsper100persons).Box1-CorridorswithoutSmaRTqualifyingserviceswithuGreenLight,ratingformobileservicesAngolatoNamibiaGhanatoNigeriaIndiatoBangladeshIndiatoPakistanIndiatoSriLankaQatartoSudanQatartoEgypt,ArabRepNigeriatoBeninNigeriatoMaliNigeriatoTogoJordantoSyrianArabRep.SaudiArabiatoSyrianArabRep.NetherlandstoSurinameSaudiArabiatoSudanUnitedArabEmiratestoSudanNote:InQ32023,RPWcontinuestoexperiencedifficultiesincollectingdataonalloutboundservicesfromNigeria.Inaddition,dataonservicesoriginatingintheRussianFederation(13corridors)werenotincluded.Therefore,forQ32023,RPWreportsnoqualifyingservicesinthese16corridors,threeofwhicharelistedinthisBoxinitalics.TheUNSDGscommittedtoensurethat,by2030,itshouldbepossibletosendremittancesfor5percentorlessineverycorridor.TheSmaRTaveragesareusedasareferenceforthisindicator,reflectingthefactthatinanygivencorridorthereareservicesavailabletocustomersthatmeettherequirementsdescribedabove,whilealsoonaverageofferingacostthatisinlinewiththeUNSDG.AsofQ32023,75percentofallcorridorscoveredintheRPWdatabasehadSmaRTcorridoraveragesbelow5percent.97ForadditionalinformationonthemethodologyusedtocalculateSmaRTseehttps:remittanceprices.WofIdbank.orsitesdefaultfilesSmartmethodOloCv.pdf8Thenumberofcorridorsexcludesthe13corridorsoriginatinginRussia.9Pleasenotethatthisfigureexcludesthe13corridorswhichoriginateinRussia.10TrendsincorridoraveragetotalcostsFigure4showsthatcomparedtoQ12009,theproportionofcorridorswithaveragecostsoflessthan10percenthasincreasedconsiderably,showinganoverallincreaseofshareby31percentagepoints(53percentofcorridorsinQ12009,comparedto82percentofcorridorsinQ32023).Thisshiftisnaturallyaccompaniedbyadecreaseofshareofcorridorsexhibitingtotalcostsover15percent(18percentofcorridorscomparedto3percentofcorridors).Inthe10-15percenttotalcostcategorythereare10percentofcorridorsinQ32023,comparedto29percentofcorridorsinQ12009.YearoveryearsinceQ12019,thisgradualshiftisvisible.Ofthe6corridorswithcostsabove20percentinQ32023,fiveoriginateinSub-SaharanAfricaandthreearedestinatedforSub-SaharanAfrica.Inthefigurebelow,corridoraveragetotalcostsforalloutboundservicesfromNigeriaremainunavailable.CorridoraveragetotalcostsforservicesoriginatingfromRussiaarealsonotincluded.These16corridorsareshownas“NA”inFigure4.DistributionofAverageTotalCostsShareofrridorsCostbracketsNA15%to20%5%to10%=>20%10%to15%<5%G8andG20countriesCostofsendingremittancesfromG8countriesTheG8countriesincludeseveralofthemajorremittancesendingcountriesintheworld. 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 G20 figures reported do not include data on these corridors from Russia.Theaveragecostforsendingremi