Average transaction cost of sending remittances from a specific in Korea
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 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 Korea stood at 4.2%.
That represents a change of up 778.1% on the previous year and down 32.8% over ten years.
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 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% |
Korea compared with similar countries
- Korea's 4.2% is above the median for high income countries, which is 3.0%, 1.4× the median. (30 countries reporting)
- Korea's 4.2% is above the median for East Asia & Pacific, which is 2.9%, 1.5× the median. (7 countries reporting)
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 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 Korea
- Reserve position in the IMF, US dollar, annual growth rate 6.29 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0016 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 58.67 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 1.21 % 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 42.84 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 6.29 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0016 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 58.67 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 1.21 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances from a specific in Korea?
- Average transaction cost of sending remittances from a specific in 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 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 Korea?
- The lowest recorded value was 0.5% in 2022.
- How does Korea rank for average transaction cost of sending remittances from a specific?
- 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 Korea?
- Over the last ten years it is down 32.8%. The long-run trend across the full record is falling.
- Where does this 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.