Average transaction cost of sending remittances from a specific in Singapore
Singapore: Average transaction cost of sending remittances from a specific was 2.0% in 2023. ◆ Volatile
Average transaction cost of sending remittances from a specific in Singapore, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
Singapore recorded 2.0% for average transaction cost of sending remittances from a specific in 2023.
That represents a change of up 66.8% on the previous year and down 67.2% over ten years.
Singapore ranks 40th of 44 countries on this measure, in the bottom quarter.
Average transaction cost of sending remittances from a specific in Singapore, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 6.0% | — |
| 2017 | 5.1% | -14.8% |
| 2018 | 3.7% | -28.0% |
| 2019 | 1.8% | -52.5% |
| 2020 | 1.3% | -23.9% |
| 2021 | 1.4% | +3.0% |
| 2022 | 1.2% | -14.0% |
| 2023 | 2.0% | +66.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 4.1% | 1.8% | 6.0% | 4 |
| 2020s | 1.5% | 1.2% | 2.0% | 4 |
Countries ranked near Singapore
More financial sector data for Singapore
- Reserve position in the IMF, US dollar, annual growth rate 8.93 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0023 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 230.78 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 3.73 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0017 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 168.51 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 8.93 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0023 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 230.78 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 3.73 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances from a specific in Singapore?
- Average transaction cost of sending remittances from a specific in Singapore was 2.0% 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 Singapore?
- The highest recorded value was 6.0% in 2016.
- What is the lowest average transaction cost of sending remittances from a specific recorded in Singapore?
- The lowest recorded value was 1.2% in 2022.
- How does Singapore rank for average transaction cost of sending remittances from a specific?
- Singapore ranks 40th out of 44 countries with data for 2023.
- Is average transaction cost of sending remittances from a specific rising or falling in Singapore?
- Over the last ten years it is down 67.2%. The long-run trend across the full record is volatile.
- Where does this Singapore 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
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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.