Average transaction cost of sending remittances from a specific in South Africa
South Africa: Average transaction cost of sending remittances from a specific was 3.7% in 2023. ▼ Falling
Average transaction cost of sending remittances from a specific in South Africa, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
South Africa recorded 3.7% 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 8.5% on the previous year and down 75.4% over ten years.
That places South Africa 20th 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 South Africa, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 15.2% | — |
| 2017 | 12.6% | -17.5% |
| 2018 | 10.7% | -14.5% |
| 2019 | 13.4% | +25.0% |
| 2020 | 9.7% | -28.0% |
| 2021 | 8.4% | -12.9% |
| 2022 | 4.1% | -51.3% |
| 2023 | 3.7% | -8.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 13.0% | 10.7% | 15.2% | 4 |
| 2020s | 6.5% | 3.7% | 9.7% | 4 |
Countries ranked near South Africa
- 17 New Zealand 3.9% compare
- 18 Bahrain 3.8% compare
- 19 Belgium 3.8% compare
- 21 Thailand 3.6% compare
- 22 United Kingdom of Great Britain and Northern Ireland 3.6% compare
- 23 United States of America 3.5% compare
More financial sector data for South Africa
- Reserve position in the IMF, US dollar, annual growth rate 5.08 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0021 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 13.81 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0.0607 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0015 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 10.08 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.08 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0021 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 13.81 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0.0607 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances from a specific in South Africa?
- Average transaction cost of sending remittances from a specific in South Africa was 3.7% 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 South Africa?
- The highest recorded value was 15.2% in 2016.
- What is the lowest average transaction cost of sending remittances from a specific recorded in South Africa?
- The lowest recorded value was 3.7% in 2023.
- How does South Africa rank for average transaction cost of sending remittances from a specific?
- South Africa ranks 20th out of 44 countries with data for 2023.
- Is average transaction cost of sending remittances from a specific rising or falling in South Africa?
- Over the last ten years it is down 75.4%. The long-run trend across the full record is falling.
- Where does this South Africa 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.