Average transaction cost of sending remittances to a specific country in Philippines
Philippines: Average transaction cost of sending remittances to a specific country was 1.7% in 2023. ▼ Falling
Average transaction cost of sending remittances to a specific country in Philippines, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
The most recent figure for average transaction cost of sending remittances to a specific country in Philippines is 1.7%, measured in 2023.
Compared with earlier readings it is up 16.6% on the previous year and down 69.1% over ten years.
That places Philippines 86th out of 100 countries with data for 2023, putting it in the bottom quarter.
Average transaction cost of sending remittances to a specific country in Philippines, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 5.4% | — |
| 2017 | 4.6% | -15.7% |
| 2018 | 2.9% | -35.3% |
| 2019 | 2.8% | -6.2% |
| 2020 | 2.7% | -2.4% |
| 2021 | 2.3% | -13.1% |
| 2022 | 1.4% | -38.9% |
| 2023 | 1.7% | +16.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 3.9% | 2.8% | 5.4% | 4 |
| 2020s | 2.0% | 1.4% | 2.7% | 4 |
Countries ranked near Philippines
More financial sector data for Philippines
- Reserve position in the IMF, US dollar, annual growth rate 7.66 % 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 6.23 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 2.52 % 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 4.55 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 7.66 % 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 6.23 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 2.52 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances to a specific country in Philippines?
- Average transaction cost of sending remittances to a specific country in Philippines was 1.7% 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 Philippines?
- The highest recorded value was 5.4% in 2016.
- What is the lowest average transaction cost of sending remittances to a specific country recorded in Philippines?
- The lowest recorded value was 1.4% in 2022.
- How does Philippines rank for average transaction cost of sending remittances to a specific country?
- Philippines ranks 86th out of 100 countries with data for 2023.
- Is average transaction cost of sending remittances to a specific country rising or falling in Philippines?
- Over the last ten years it is down 69.1%. The long-run trend across the full record is falling.
- Where does this Philippines 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.
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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.