We document a decline in remittance prices, with the
median remittance fee decreasing from 7.7 percent in 2011 to 5.7 percent in 2020. Nevertheless, most of the corridors still have median remittance cost above 5 percent in 2020, far from the 2030 Sustainable Development Goal target of average fees of less than
3 per cent and no remittance corridors with costs higher than 5 per cent. The data also reveal significant variations in remittance fees within the same corridor (across firms), between the same sending country and different receiving countries, or between
the same receiving country and different sending countries. Similarly, remittance fees vary with the payment instrument, the access point, and the speed of the transfer.