Money Transfer Statistics 2025: 50+ Facts, Charts & Data
The most comprehensive collection of international money transfer statistics available online. 10 interactive charts, 50+ data points, all sourced from the World Bank, FXC Intelligence, BIS, ONS, and FCA. Updated August 2026.
Matt WoodleyFounder & Editor
Updated 25 Aug 2026 · 25 min read
How much does it cost to send money abroad?
The global average cost of sending $200 was 6.49% in Q1 2025, according to the World Bank’s Remittance Prices Worldwide dataset. That is more than double the United Nations Sustainable Development Goal target of 3% by 2030. The channel you send through matters far more than the destination: banks average 9.50% while currency brokers charge 0.2–1.0% on larger transfers.
- Banks9.50%9.50%3–5 days
- Post offices7.10%7.10%5–10 days
- Money transfer operators5.90%5.90%Minutes–2 days
- Mobile money4.10%4.10%Minutes
- Digital-only providers3.65%3.65%Minutes–1 day
- Currency brokers0.2–1.0%0.2–1.0%1–2 days
Vertical line marks the UN Sustainable Development Goal target of 3% by 2030. Only digital providers and currency brokers currently sit below it.
The global average cost of sending $200 abroad was 6.49% in Q1 2025 according to the World Bank Remittance Prices Worldwide dataset. The UN Sustainable Development Goal target is 3% by 2030.
Average cost of sending $200 by channel:
- Banks: 9.50%, typically 3–5 days.
- Post offices: 7.10%, typically 5–10 days.
- Money transfer operators: 5.90%, typically Minutes–2 days.
- Mobile money: 4.10%, typically Minutes.
- Digital-only providers: 3.65%, typically Minutes–1 day.
- Currency brokers: 0.2–1.0%, typically 1–2 days.
These are global averages. What any individual transfer costs depends on the amount, the currency pair and the provider, so the only figure that matters is the one for your own transfer. Our live comparison of international money transfer providers applies the same total-cost measure used above — fee plus exchange-rate margin — to a real amount and currency, and shows what each FCA-regulated provider would deliver to the recipient.
Key Statistics at a Glance
The headline numbers that define the global money transfer industry in 2025.
$905B
Global Remittances (2024)
+4.2% YoY
$685B
LMIC Flows (2024)
+5.8% YoY
6.49%
Global Avg. Cost (2025)
SDG target: 3%
61%
Digital Market Share
Up from 12% in 2017
India $129B
Top Recipient
Followed by Mexico $68B
8.78%
Costliest Region
Sub-Saharan Africa
Sources: World Bank Migration & Development Brief 41 (Dec 2024), Remittance Prices Worldwide Q1 2025, FXC Intelligence 2025, Statista.
How big is the global money transfer market?
The global remittance market was worth $905 billion in 2024, of which $685 billion flowed to low- and middle-income countries. That makes recorded remittances larger than foreign direct investment ($283B) and official development assistance ($228B) combined. These are recorded flows only; transfers moved through informal channels are not captured and are widely held to add materially to the total.
- Remittances, global$905BAll countries, 2024
- Remittances to low- and middle-income countries$685B76% of the global total, +5.8% YoY
- Foreign direct investment to LMICs$283BFor comparison
- Official development assistance$228BFor comparison
$685B versus $511B. Remittances to low- and middle-income countries outweigh foreign direct investment and development aid put together, and have done so every year since 2019.
Global remittance market size and comparable capital flows, 2024:
- Remittances, global: $905B. All countries, 2024.
- Remittances to low- and middle-income countries: $685B. 76% of the global total, +5.8% YoY.
- Foreign direct investment to LMICs: $283B. For comparison.
- Official development assistance: $228B. For comparison.
Remittances to low- and middle-income countries ($685B) exceed foreign direct investment ($283B) and official development assistance ($228B) combined ($511B).
1. Global Remittance Flows (2017-2024)
Global remittance flows reached $905 billion in 2024, with $685 billion flowing to low- and middle-income countries (LMICs). Remittances to LMICs grew 5.8% in 2024, significantly higher than the 1.2% growth in 2023. This makes remittances larger than foreign direct investment and official development assistance combined.
Source: World Bank, Migration & Development Brief 41, December 2024. 2024 figures are estimates.
| Year | LMIC ($B) | HIC ($B) | Global ($B) | LMIC Growth |
|---|---|---|---|---|
| 2017 | $465B | $179B | $644B | +8.9% |
| 2018 | $510B | $189B | $699B | +9.7% |
| 2019 | $536B | $193B | $729B | +5.0% |
| 2020 | $530B | $191B | $721B | -0.9% |
| 2021 | $587B | $208B | $795B | +10.6% |
| 2022 | $640B | $205B | $844B | +9.0% |
| 2023 | $647B | $218B | $865B | +1.2% |
| 2024e | $685B | $219B | $905B | +5.8% |
2. Remittances by Region (2024)
South Asia registered the highest growth at 11.8%, driven by India, Pakistan, and Bangladesh. Latin America & the Caribbean received $163B, with Mexico alone accounting for $68B. Sub-Saharan Africa received $56B but remains the most expensive region to send money to.
Source: World Bank, Migration & Development Brief 41, December 2024.
3. Top 10 Remittance-Receiving Countries (2024)
India is the world's largest remittance recipient at $129 billion, more than the next two countries combined. Among smaller economies, Tajikistan leads with remittances equal to 45% of GDP, underscoring the critical role these flows play in developing economies.
| # | Country | Volume | % of GDP | Growth | Top Source Countries |
|---|---|---|---|---|---|
| 1 | India | $129B | 3.4% | +12.0% | UAE, USA, Saudi Arabia |
| 2 | Mexico | $68B | 3.9% | +3.0% | USA |
| 3 | China | $48B | 0.3% | -1.2% | USA, Japan, S. Korea |
| 4 | Philippines | $40B | 9.3% | +3.0% | USA, Saudi Arabia, UAE |
| 5 | Pakistan | $33B | 8.7% | +11.1% | Saudi Arabia, UAE, UK |
| 6 | Bangladesh | $24B | 5.1% | +21.0% | Saudi Arabia, UAE, Malaysia |
| 7 | Egypt | $24B | 5.9% | +24.2% | Saudi Arabia, UAE, Kuwait |
| 8 | Nigeria | $19B | 5.0% | -3.7% | USA, UK, Cameroon |
| 9 | Guatemala | $20B | 22.2% | +5.5% | USA |
| 10 | Vietnam | $16B | 3.7% | +3.9% | USA, Australia, S. Korea |
Source: World Bank, Migration & Development Brief 41, December 2024. GDP shares from World Development Indicators.
4. Remittances vs FDI vs ODA (2017-2024)
Remittances have overtaken FDI as the largest source of external finance for developing countries. While FDI declined 41% over the past decade (from $476B to $283B), remittances grew 57% (from $465B to $685B). This resilience -- remittances barely dipped during COVID-19 while FDI collapsed -- makes them the most dependable external financial flow for developing economies.
Source: World Bank, IMF Balance of Payments, World Development Indicators. FDI = Foreign Direct Investment, ODA = Official Development Assistance.
5. The Cost of Sending Money Abroad (2017-2025)
The global average cost of sending $200 was 6.49% in Q1 2025, more than double the UN Sustainable Development Goal target of 3%. Banks remain the most expensive channel at 9.50%, while digital providers average 3.65% -- already close to the SDG target. For larger transfers, currency brokers charge just 0.2-1.0%.
Source: World Bank Remittance Prices Worldwide, Q1 2025. Cost = total cost of sending $200 as a percentage of the amount sent.
Cost by Channel Type (2025)
| Channel | Avg. Cost | Trend | Speed | Notes |
|---|---|---|---|---|
| Banks | 9.50% | Declining slowly | 3-5 days | Highest cost, most regulated |
| Post Offices | 7.10% | Flat | 5-10 days | Limited corridors |
| Money Transfer Operators | 5.90% | Declining | Minutes to 2 days | WU, MoneyGram, Ria |
| Mobile Money | 4.10% | Declining fast | Minutes | M-Pesa dominant in Africa |
| Digital-only Providers | 3.65% | Declining fast | Minutes to 1 day | Wise, Remitly, WorldRemit |
| Currency Brokers | 0.2-1.0% | Stable low | 1-2 days | Best for large transfers |
| Crypto/Stablecoin | 0.5-2.0% | Volatile | Minutes | ~$400B settled via USDT/USDC in 2025 |
6. Remittance Costs by Region (2025)
Sub-Saharan Africa remains the most expensive region to send money to at 8.78%, nearly triple the 3% SDG target. South Asia is the cheapest major corridor at 5.18%, partly due to intense competition on the India, Pakistan, and Bangladesh routes. The cheapest individual corridors include UAE-to-India (1.5%) and Saudi Arabia-to-Pakistan (2.1%).
Source: World Bank Remittance Prices Worldwide, Q1 2025.
SDG 10.c: Reduce remittance costs to less than 3%
The UN's Sustainable Development Goal 10.c targets reducing the transaction cost of migrant remittances to less than 3% by 2030 and eliminating corridors costing more than 5%. As of 2025, the global average (6.49%) remains more than double the target, and 48% of corridors still exceed 5%. Digital providers are the closest to meeting the target at 3.65%.
7. The Digital Revolution: Digital vs Traditional (2017-2025)
Digital money transfers have gone from 12% of the market in 2017 to 61% in 2025. The COVID-19 pandemic was the inflection point -- digital adoption jumped from 21% to 32% in a single year (2020). Traditional channels (bank branches, agent locations) have declined from 88% to 39% of transactions. Providers like Wise, Remitly, and other digital providers have been the primary beneficiaries.
Source: Statista, FXC Intelligence, World Bank. Digital includes mobile money, online platforms, and app-based providers.
8. Market Share by Provider Type (2025)
Digital-first providers now lead the market at 28%, surpassing traditional operators (Western Union, MoneyGram) at 24%. Banks still hold 22% but have been losing share steadily for a decade. Crypto and stablecoins (primarily USDT and USDC) accounted for 7% of cross-border flows, with the BIS estimating approximately $400 billion settled via stablecoins in 2025.
Source: FXC Intelligence, Statista, BIS. Estimates based on transaction volume.
Wise
London · Est. 2011FY25 results. Revenue £1.36B.
Western Union
Denver · Est. 1851Acquired Intermex in 2025.
Remitly
Seattle · Est. 2011Revenue $1.24B (2024).
MoneyGram
Dallas · Est. 1940Now privately held (Madison Dearborn).
Revolut
London · Est. 2015UK banking licence granted Jul 2024.
PayPal/Xoom
San Jose · Est. 1998Xoom operates in 130+ countries.
9. UK Money Transfer Statistics
The UK is one of the world's largest remittance-sending countries, with estimated outbound flows exceeding £18 billion annually. The UK is also home to several of the world's largest fintech money transfer companies, including Wise (£145.2B volume), Revolut, and multiple FCA-regulated currency brokers.
The World Bank cost series above measures a $200 transfer, which is well below what UK consumers typically send, so it says little about pricing at the amounts most UK brokers handle. Independent comparison site Currency Brokers UK publishes margin testing across FCA-regulated UK currency brokers, measuring average margins of 0.43% to 0.48% on £50,000 transfers against the 3% to 4% typical of high-street banks, and reports an average saving of £1,847 per user against their bank.
Source: ONS estimates, TopMoneyCompare analysis, 2025.
Wise: The UK's Largest Fintech Transfer Provider
Source: Wise plc Annual Reports FY2020-FY2025. Volume = total cross-border transfer volume.
£18B+
UK Outbound Flows
ONS est.
3,000+
FCA-Regulated Providers
FCA Register
UK → Pakistan
Top UK Corridor
ONS est.
3-5%
Avg. UK Bank Cost
IMT analysis
UK-specific guides
For detailed UK provider comparisons, see our top 10 money transfer companies, best currency brokers, and large transfers guide. For cost comparisons on specific corridors, browse our send-money pages.
10. Crypto & Stablecoin Remittances (2025)
Stablecoin-powered cross-border transfers are a rapidly growing segment. The BIS estimates approximately $400 billion was settled via USDT and USDC in 2025, though this figure includes both consumer remittances and commercial payments. Key developments include Western Union's USDC pilot, Wise's stablecoin treasury strategy, and M-Pesa's integration with blockchain rails in East Africa.
$400B
Stablecoin cross-border volume (2025)
BIS Working Paper 1265
USDT
Dominant stablecoin for remittances
BIS, Chainalysis
0.5-2%
Typical stablecoin transfer cost
Industry estimates
Key Takeaways
Global remittances reached $905B in 2024, growing 4.2% YoY -- now larger than FDI and ODA combined for developing countries.
India received $129B, making it the world's largest remittance recipient. Mexico ($68B) and China ($48B) follow.
The global average cost of sending $200 was 6.49% in Q1 2025 -- still more than double the UN SDG target of 3%.
Banks are the most expensive channel at 9.50%, while digital providers average 3.65% and currency brokers charge 0.2-1.0%.
Sub-Saharan Africa remains the costliest region at 8.78%, nearly triple the SDG target.
Digital channels now account for 61% of remittance transactions, up from 12% in 2017.
The UK sends over £18B annually, with Pakistan (£4.24B) and India (£4.17B) as the top corridors.
Wise processed £145.2B in FY2025, making it the UK's largest fintech transfer provider.
Stablecoin cross-border volume reached approximately $400B in 2025 (BIS estimate).
Western Union acquired Intermex in 2025, consolidating the traditional money transfer segment.
Methodology & Sources
This statistics page compiles data from the following primary sources. All data points are cited individually throughout the article. Where exact figures are unavailable, we use the most recent available data and clearly label estimates.
World Bank Migration & Development Brief 41
December 2024Global remittance flows, regional breakdowns, top recipient countries, growth rates
Average cost of sending $200 by corridor, channel, and region
Market sizing, provider revenues, corridor analysis, digital adoption trends
Stablecoin cross-border volume, cryptocurrency remittance estimates
Measured exchange-rate margins on £50,000 transfers across FCA-regulated UK brokers, and average saving against high-street banks
Wise plc Annual Reports
FY2020-FY2025Transfer volumes, customer numbers, revenue, product data
UK outbound remittance flows by corridor
Digital remittance market share, provider comparisons
FDI and ODA comparison data
Frequently Asked Questions
How much money is transferred internationally each year?
What is the average cost of sending money abroad?
Which country receives the most remittances?
How big is the UK money transfer market?
What percentage of remittances are sent digitally?
How much does Wise transfer per year?
Are crypto remittances growing?
Why is sending money to Africa so expensive?
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