Average transaction cost of sending remittances from a specific in Canada
Canada: Average transaction cost of sending remittances from a specific was 3.0% in 2023. ▼ Falling
Average transaction cost of sending remittances from a specific in Canada, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
Canada recorded 3.0% for average transaction cost of sending remittances from a specific in 2023. That is the lowest value across all 8 years on record.
That represents a change of down 9.3% on the previous year and down 66.3% over ten years.
That places Canada 28th 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 Canada, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 8.8% | — |
| 2017 | 6.9% | -21.6% |
| 2018 | 6.7% | -2.5% |
| 2019 | 5.9% | -13.2% |
| 2020 | 3.9% | -33.5% |
| 2021 | 4.2% | +7.1% |
| 2022 | 3.3% | -21.5% |
| 2023 | 3.0% | -9.3% |
Canada compared with similar countries
- Canada's 3.0% is below the median for high income countries, which is 3.0%, 98% of the median. (30 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 7.1% | 5.9% | 8.8% | 4 |
| 2020s | 3.6% | 3.0% | 4.2% | 4 |
Countries ranked near Canada
More financial sector data for Canada
- Reserve position in the IMF, US dollar, annual growth rate 6.08 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0017 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 93.62 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 1.02 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0012 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 68.36 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 6.08 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0017 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 93.62 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 1.02 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances from a specific in Canada?
- Average transaction cost of sending remittances from a specific in Canada was 3.0% 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 Canada?
- The highest recorded value was 8.8% in 2016.
- What is the lowest average transaction cost of sending remittances from a specific recorded in Canada?
- The lowest recorded value was 3.0% in 2023.
- How does Canada rank for average transaction cost of sending remittances from a specific?
- Canada ranks 28th out of 44 countries with data for 2023.
- Is average transaction cost of sending remittances from a specific rising or falling in Canada?
- Over the last ten years it is down 66.3%. The long-run trend across the full record is falling.
- Where does this Canada 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.