Average transaction cost of sending remittances from a specific in Australia
Australia: Average transaction cost of sending remittances from a specific was 2.9% in 2023. ▼ Falling
Average transaction cost of sending remittances from a specific in Australia, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
The most recent figure for average transaction cost of sending remittances from a specific in Australia is 2.9%, measured in 2023. That is the lowest value across all 8 years on record.
The figure is down 15.9% on the previous year and down 69.4% over ten years.
That places Australia 31st out of 44 countries with data for 2023, putting it in the middle of the range.
Average transaction cost of sending remittances from a specific in Australia, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 9.4% | — |
| 2017 | 4.7% | -50.2% |
| 2018 | 3.8% | -18.1% |
| 2019 | 3.8% | -1.4% |
| 2020 | 3.6% | -4.0% |
| 2021 | 4.1% | +13.4% |
| 2022 | 3.4% | -16.9% |
| 2023 | 2.9% | -15.9% |
Australia compared with similar countries
- Australia's 2.9% is below the median for high income countries, which is 3.0%, 95% of the median. (30 countries reporting)
- Australia's 2.9% is above the median for East Asia & Pacific, which is 2.9%, 1.0× the median. (7 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 5.4% | 3.8% | 9.4% | 4 |
| 2020s | 3.5% | 2.9% | 4.1% | 4 |
Countries ranked near Australia
More financial sector data for Australia
- Reserve position in the IMF, US dollar, annual growth rate 11.9 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0013 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 83.74 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 6.56 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0009 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 61.14 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 11.9 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0013 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 83.74 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 6.56 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances from a specific in Australia?
- Average transaction cost of sending remittances from a specific in Australia was 2.9% in 2023, according to Remittance Prices Worldwide, World Bank (WB).
- What is the highest average transaction cost of sending remittances from a specific recorded in Australia?
- The highest recorded value was 9.4% in 2016.
- What is the lowest average transaction cost of sending remittances from a specific recorded in Australia?
- The lowest recorded value was 2.9% in 2023.
- How does Australia rank for average transaction cost of sending remittances from a specific?
- Australia ranks 31st out of 44 countries with data for 2023.
- Is average transaction cost of sending remittances from a specific rising or falling in Australia?
- Over the last ten years it is down 69.4%. The long-run trend across the full record is falling.
- Where does this Australia data come from?
- The figures come from Remittance Prices Worldwide, World Bank (WB), published as part of Average transaction cost of sending remittances from a specific country (%). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 8 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Average transaction cost of sending remittance from a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database from a specific country.