2023年第三季度全球汇款成本（英）.docx

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1、Issue47September2023ANANALYSISOFTRENDSINCOSTOFREMITTANCESERVICESREMITTANCEPRICESWORLDWIDEQUARTERLYThisReportreflectsthelatesttrendsobservedinthedatapublishedinSeptember2023.RemittancePricesWorldwideisavailableathttp:/remittanceprices.worldbank.orgTheWorldBankGroup,2023OverviewRemittancePricesWorldwi

2、de(RPW)monitorsremittancepricesacrossallgeographicregionsoftheworld.LaunchedinSeptember2008,RPWmonitorsthecostincurredbyremitterswhensendingmoneyalongmajorremittancecorridors.RPWisusedasareferenceformeasuringprogresstowardsglobalcostreductionobjectives,includingtheG20commitmenttoreducetheglobalavera

3、geto3percent,whichisbeingpursuedinpartnershipwithgovernments,serviceproviders,andotherstakeholders.SinceQ22016,RPWcovers48remittancesendingcountriesand105receivingcountries,foratotalof367countrycorridorsworldwide.RPWtracksthecostofsendingremittancesforfourmainRSPtypes:Banks,MTOs,MobileOperators,andP

4、ostOffices.MTOsincludebothtraditionalprovidersandinnovative/fintechplayers.Onaverage,21.5servicespercorridoraretracked.ThisReportusesdatafromRPW,smostrecentreleasetoanalyzetheglobal,regional,andcountryspecifictrendsintheaveragecostofmigrantremittances.FXCIntelligenceprovidestheunderlyingdatausedinth

5、eRPW.Keyfindings TheGlobalAveragedecreasedfrom6.20percentinQ22023to6.18percentinQ32023. TheInternationalMTOIndexexperiencedadecreaseoverthequarterto6.29percentinQ32023,from6.46percentinQ22023. TheGlobalWeightedAverageincreasedto4.78percentinQ32023from4.53percentinQ22023. TheGlobalSmaRTAverageforQ320

6、23wasrecordedat3.36percent(downfrom3.55percentinQ22023).Twenty-twocorridorsdidnothaveanySmaRTqualifyingservices. TheDigitalremittancesindexincreasedfrom4.60percentinQ22023to4.84percentinQ32023. TheDigital-onlyMTOindexexperiencedanincreaseto3.92percentinQ32023from3.61inQ2. SouthAsiaremainsthelowestco

7、streceivingregion,withanaveragecostof5.44percent.Sub-SaharanAfricaremainsthemostexpensiveregiontosendmoneyto,recordedat7.39percenttotalaveragecostinQ32023. Banksremainthemostexpensivetypeofserviceprovider,withanaveragecostof11.48percent. Theproportionofcorridorswithaveragecostsoflessthan5percenthasi

8、ncreasedconsiderablysinceQ12009(from17percentto37percentinQ32023). InQ32023,mobilemoneyremainsthelowestcostinstrumenttooriginateremittancesandwasalsothelowestcostinstrumenttoreceiveremittances. DuetotheongoingRussia-Ukrainewar,RPWdidnotincludeanydataoncorridorsoriginatingintheRussianFederationinQ1an

9、dQ22022.InQ3-Q42022andQ1-Q32023,onlypubliclyavailableonlinedataoncorridorsoriginatinginRussiawerecollected,i.e.,mysteryshoppingordatacollectionviaAPIswerenotemployed.Duetothisdeviationindatacollectionmethodology,theseserviceswerenotincludedinthemainanalysisinQ32023(aswellasinQ3-Q42022andQ1-Q22023);i

10、nstead,thedataarepresentedinAnnexV. InQ32023,elevenweremovedfromtheprospectsindextothemainanalysis,afterdemonstratingconsistency,materialityanddiversity.Inthesamequarter,thirty-fivenewserviceswereaddedtotheprospectsindex.RPWwillcontinuetomonitorandincludenewserviceswhenandwhererelevantusingtheprospe

11、ctsindex.TableofContentsOverview3Keyfindings3Progresstracker6NumberofcorridorsintheQ22023dataset6Prospectsindex6Globaltrends7Globalaverageexperiencesadecrease7InternationalMTOIndex8Globalweightedaverage8SmartRemitterTarget(SmaRT)9Trendsincorridoraveragetotalcosts11G8andG20countries11Costofsendingrem

12、ittancesfromG8countries11CostofsendingremittancesfromandtoG20countries12Regionaltrends14Coststructure15Cashvs.DigitalServices15CostsbyRSPType16CostsbySendingandReceivingMethod17Annex I -Tables($200)20Annex II -CostTrendsforSending$50022Globaltrendsforsending$50022Globalaveragetotalcost22Internationa

13、lMTOIndex23G20Countries23CostofsendingremittancesfromandtoG20countries23Annex III -Tables($500)26Annex IV -ProspectsIndex27Annex V -CorridorsfromRussia30ProgresstrackerRPWindicatorsareusedtomeasuretheprogresstowardstargetsofglobaleffortsforthereductionofremittancecosts.TheUNSDGsandtheG20haveindicate

14、datargetof3percentfortheGlobalAveragetobereachedby2030. 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 UNs 2030 Agenda to include cost reduction targets set under SDG 10.c. In addition, th

15、rough 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), Targe

16、ts 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

17、 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,remittancesc

18、anbetransferredfor5percentorless.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(

19、UN SDG target to reach zero)NumberofcorridorsintheQ32023datasetTheQ32023datasetincludesdatafrom351corridors(excluding13originatinginRussia,and3originatinginNigeria).DuetotheongoingRussia-Ukrainewar,RPWdidnotincludeanydataoncorridorsoriginatingintheRussianFederation.Inaddition,remittanceserviceprovid

20、ers(RSPs)havestillnotresumedoutgoingremittanceoperationsinNigeriaduetotheCentralBankofNigeriabanningalloutboundtransfersfromthecountry.ProspectsindexSinceQ12022,RPWdatacollectionwouldbeusedtoalsomonitornewservicesviaaprospectsindex.Thesenewservicescouldbecandidatesforinclusioninthemainindexinthefutu

21、resubjecttothemmeetingcertainrequirements.PleaseseeAnnexIVfordetails.GlobaltrendsGlobalaverageexperiencesadecreaseInQ32023,theGlobalAveragecostforsendingremittanceswas6.18percent,aminutedecreasefrom6.20inQ22023.TheGlobalAveragehasremainedbelow7.00percentsinceQ12019(seeFigure1belowandTable1intheAnnex

22、).Overall,thisrepresentsadeclineof3.49percentagepointssinceQ12009,whenthefigurewasrecordedat9.67percent.InQ32023,theglobalaveragefordigitalremittanceswasrecordedat4.84percent,whiletheglobalaveragefornon-digitalremittanceswas6.77percent.Digitalservicesaccountfor30%ofallservicesRPWcollectedinQ32023. A

23、 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 glob

24、al 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$200inremittances33SDGTargetInternationalMTOindexTheInternationalMTOIndextracksthepricesofMTOsthatarepresentinatleast85perc

25、entofcorridorscoveredintheRPWdatabase. 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

26、.InQ32023,theInternationalMTOIndexrecordedadecreaseto6.29percentfromthepreviousvalueof6.46percentinQ22023.Overtheyear,thisfigurewasupby0.36ofapercentagepoint,recordedat5.93percentinQ32022.Thisfigurehascomedownby4.07percentagepointsfromitsfirstrecordedvalueof10.36percentinQ12009.InQ32023,thedigital-o

27、nlyMTOIndexrecordedat3.92percent,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 th

28、ese providers also have physical channels.Thedigital-onlyMTOIndexhasconsistentlyremainedbelowboththeInternationalMTOIndexandtheglobalaverage.Figure 2 Trends in International MTO Index & Digital-only MTO Index(OOZ9 6spuas Jo-Soo2.001.00DigitalonlyMTOIndexMTOIndexGlobalweightedaverageTheglobalweighted

29、averagetotalcostaccountsfortherelativesizeoftheflowsineachremittancecorridor. 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(seealsoTab

30、le1intheAnnex),hasattimesshownadifferentpatternfromthesimpleaverage.InQ32023,theGlobalWeightedAveragewasrecordedat4.78percent.Thisfigurehasbeenrecordedbelow5.00percentsinceQ42020.Overthelastfiveyears,thisfigurehasdecreasedbyapproximately0.52percentagepoints-recordedat5.29percentinQ32018.TrendsinGlob

31、alweightedaverage&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 Qe0lz OZ0,LON OLCO,LOZ gJLOZ doz CHIZOZ g20%10%to15%5%G8andG20countriesCostofsending

32、remittancesfromG8countriesTheG8countriesincludeseveralofthemajorremittancesendingcountriesintheworld. 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