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What it costs to send money home
Money sent home by people abroad is one of the largest flows into many African economies. Part of every transfer goes to fees and exchange margins instead of the family. See how much, country by country.
Why this matters
The United Nations set a target for 2030: bring the cost of sending money down to below 3% of the amount sent (Sustainable Development Goal target 10.c). The World Bank tracks the average cost for a US$200 transfer. Across much of Africa the real figure is well above that, and it varies a lot between routes.
For a family that depends on a monthly transfer, a few percentage points is a real amount over a year. For a builder abroad who also wants to invest at home, the same fees apply to capital and to the know-how and equipment that go with it.
The figures are national averages for one transfer size, published by the World Bank. Your own cost depends on the provider, the route, how the money is paid out and how much you send. This is an illustration, not a quote, and not financial advice.
Four things anyone can check
- Compare the full cost. A low fee can hide a poor exchange rate. Compare how much arrives, not what the headline fee says.
- Check an independent comparison. The World Bank's Remittance Prices Worldwide database lists providers on many routes.
- Ask about the pay-out method. Bank deposit, mobile money and cash pick-up often cost different amounts.
- Send less often, in larger amounts, if you can. Fixed fees weigh most on small transfers.
Remittance Prices Worldwide (opens in a new tab)