Average transaction cost of sending remittances to a specific country in India
India: Average transaction cost of sending remittances to a specific country was 1.8% in 2023. ▼ Falling
Average transaction cost of sending remittances to a specific country in India, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
In 2023, average transaction cost of sending remittances to a specific country in India stood at 1.8%. That is the lowest value across all 8 years on record.
The figure is down 0.8% on the previous year and down 71.6% over ten years.
India ranks 83rd of 100 countries on this measure, in the bottom quarter.
Average transaction cost of sending remittances to a specific country in India, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 6.2% | — |
| 2017 | 3.7% | -40.2% |
| 2018 | 2.7% | -26.1% |
| 2019 | 2.2% | -20.0% |
| 2020 | 2.3% | +6.0% |
| 2021 | 2.1% | -10.5% |
| 2022 | 1.8% | -14.7% |
| 2023 | 1.8% | -0.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 3.7% | 2.2% | 6.2% | 4 |
| 2020s | 2.0% | 1.8% | 2.3% | 4 |
Countries ranked near India
More financial sector data for India
- Reserve position in the IMF, US dollar, annual growth rate 13.2 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0012 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 3.26 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 7.8 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0009 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 2.38 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 13.2 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0012 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 3.26 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 7.8 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances to a specific country in India?
- Average transaction cost of sending remittances to a specific country in India was 1.8% 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 India?
- The highest recorded value was 6.2% in 2016.
- What is the lowest average transaction cost of sending remittances to a specific country recorded in India?
- The lowest recorded value was 1.8% in 2023.
- How does India rank for average transaction cost of sending remittances to a specific country?
- India ranks 83rd out of 100 countries with data for 2023.
- Is average transaction cost of sending remittances to a specific country rising or falling in India?
- Over the last ten years it is down 71.6%. The long-run trend across the full record is falling.
- Where does this India 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.