Average transaction cost of sending remittances to a specific country in Colombia
Colombia: Average transaction cost of sending remittances to a specific country was 2.4% in 2023. ◆ Volatile
Average transaction cost of sending remittances to a specific country in Colombia, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
Colombia recorded 2.4% for average transaction cost of sending remittances to a specific country in 2023.
Compared with earlier readings it is down 2.1% on the previous year and down 67.9% over ten years.
Colombia ranks 61st of 100 countries on this measure, in the middle of the range.
Average transaction cost of sending remittances to a specific country in Colombia, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 7.6% | — |
| 2017 | 5.0% | -34.7% |
| 2018 | 1.6% | -68.0% |
| 2019 | 3.8% | +137.6% |
| 2020 | 1.6% | -58.6% |
| 2021 | 2.9% | +88.9% |
| 2022 | 2.5% | -15.6% |
| 2023 | 2.4% | -2.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 4.5% | 1.6% | 7.6% | 4 |
| 2020s | 2.4% | 1.6% | 2.9% | 4 |
Countries ranked near Colombia
More financial sector data for Colombia
- Reserve position in the IMF, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0015 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 12.68 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0011 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 9.26 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0015 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 12.68 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances to a specific country in Colombia?
- Average transaction cost of sending remittances to a specific country in Colombia was 2.4% in 2023, according to Remittance Prices Worldwide, World Bank (WB).
- What is the highest average transaction cost of sending remittances to a specific country recorded in Colombia?
- The highest recorded value was 7.6% in 2016.
- What is the lowest average transaction cost of sending remittances to a specific country recorded in Colombia?
- The lowest recorded value was 1.6% in 2020.
- How does Colombia rank for average transaction cost of sending remittances to a specific country?
- Colombia ranks 61st out of 100 countries with data for 2023.
- Is average transaction cost of sending remittances to a specific country rising or falling in Colombia?
- Over the last ten years it is down 67.9%. The long-run trend across the full record is volatile.
- Where does this Colombia data come from?
- The figures come from Remittance Prices Worldwide, World Bank (WB), published as part of Average transaction cost of sending remittances to 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 to 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 to a specific country.