Average transaction cost of sending remittances from a specific in Republic of Korea
Republic of Korea: Average transaction cost of sending remittances from a specific was 4.2% in 2023. ▼ Falling
Average transaction cost of sending remittances from a specific in Republic of Korea, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
In 2023, average transaction cost of sending remittances from a specific in Republic of Korea stood at 4.2%.
That represents a change of up 778.1% on the previous year and down 32.8% over ten years.
Republic of Korea ranks 15th of 44 countries on this measure, in the middle of the range.
Average transaction cost of sending remittances from a specific in Republic of Korea, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 6.2% | — |
| 2017 | 3.4% | -46.0% |
| 2018 | 3.0% | -10.0% |
| 2019 | 2.7% | -9.3% |
| 2020 | 3.3% | +20.4% |
| 2021 | 3.5% | +7.3% |
| 2022 | 0.5% | -86.6% |
| 2023 | 4.2% | +778.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 3.8% | 2.7% | 6.2% | 4 |
| 2020s | 2.9% | 0.5% | 4.2% | 4 |
Countries ranked near Republic of Korea
- 12 Saudi Arabia 4.5% compare
- 13 Oman 4.4% compare
- 14 Qatar 4.3% compare
- 16 Switzerland 4.1% compare
- 17 New Zealand 3.9% compare
- 18 Bahrain 3.8% compare
More financial sector data for Republic of Korea
- Net domestic credit (current LCU), per capita 96.84 million current LCU per person (2024)
- Net domestic credit (current LCU), per unit of GDP 2,672 current LCU per US$ of GDP (2024)
- Net domestic credit (current LCU), annual growth rate 5.54 % change on previous year (2024)
- Gold reserves at 35 SDRs per ounce 117.53 million SDR (2025)
- Gold reserves at market value 10.71 billion SDR (2025)
- Reserves excluding gold, foreign exchange 294.26 billion SDR (2025)
- Reserves excluding gold 308.07 billion SDR (2025)
- Total reserves (gold at market value) 318.78 billion SDR (2025)
- Total reserves (gold at national valuation) 311.57 billion SDR (2025)
- Total reserves (gold at national valuation) (SDR), per capita 6,028 SDR per person (2025)
Frequently asked questions
- What is average transaction cost of sending remittances from a specific in Republic of Korea?
- Average transaction cost of sending remittances from a specific in Republic of Korea was 4.2% 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 Republic of Korea?
- The highest recorded value was 6.2% in 2016.
- What is the lowest average transaction cost of sending remittances from a specific recorded in Republic of Korea?
- The lowest recorded value was 0.5% in 2022.
- How does Republic of Korea rank for average transaction cost of sending remittances from a specific?
- Republic of Korea ranks 15th out of 44 countries with data for 2023.
- Is average transaction cost of sending remittances from a specific rising or falling in Republic of Korea?
- Over the last ten years it is down 32.8%. The long-run trend across the full record is falling.
- Where does this Republic of Korea 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.
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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.