Average transaction cost of sending remittances from a specific in United Kingdom
United Kingdom: Average transaction cost of sending remittances from a specific was 3.6% in 2023. ▼ Falling
Average transaction cost of sending remittances from a specific in United Kingdom, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
In 2023, average transaction cost of sending remittances from a specific in United Kingdom stood at 3.6%.
Compared with earlier readings it is up 35.3% on the previous year and down 61.4% over ten years.
That places United Kingdom 22nd 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 United Kingdom, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 9.3% | — |
| 2017 | 5.2% | -44.6% |
| 2018 | 4.4% | -15.5% |
| 2019 | 4.6% | +4.3% |
| 2020 | 4.0% | -11.4% |
| 2021 | 2.9% | -27.7% |
| 2022 | 2.7% | -8.8% |
| 2023 | 3.6% | +35.3% |
United Kingdom compared with similar countries
- United Kingdom's 3.6% is above the median for high income countries, which is 3.0%, 1.2× the median. (30 countries reporting)
- United Kingdom's 3.6% is above the median for Europe & Central Asia, which is 2.9%, 1.2× the median. (15 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 5.9% | 4.4% | 9.3% | 4 |
| 2020s | 3.3% | 2.7% | 4.0% | 4 |
Countries ranked near United Kingdom
- 19 Belgium 3.8% compare
- 20 South Africa 3.7% compare
- 21 Thailand 3.6% compare
- 23 United States 3.5% compare
- 24 United Arab Emirates 3.1% compare
- 25 Cote d'Ivoire 3.1% compare
More financial sector data for United Kingdom
- Reserve position in the IMF, US dollar, annual growth rate 10.56 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0018 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 104.99 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 5.29 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0013 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 76.66 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 10.56 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0018 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 104.99 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 5.29 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances from a specific in United Kingdom?
- Average transaction cost of sending remittances from a specific in United Kingdom was 3.6% 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 United Kingdom?
- The highest recorded value was 9.3% in 2016.
- What is the lowest average transaction cost of sending remittances from a specific recorded in United Kingdom?
- The lowest recorded value was 2.7% in 2022.
- How does United Kingdom rank for average transaction cost of sending remittances from a specific?
- United Kingdom ranks 22nd out of 44 countries with data for 2023.
- Is average transaction cost of sending remittances from a specific rising or falling in United Kingdom?
- Over the last ten years it is down 61.4%. The long-run trend across the full record is falling.
- Where does this United Kingdom 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.