Cost of Remittances

source:The Economist

Global remittances are expected to total $483 billion this year and forecast to grow to $593 billion by 2014. In the third quarter of this year, sending $200 abroad, including fees and exchange-rate margins, cost $18.60 on average, an increase of almost 5% on a year earlier. India and China are the largest remittance-receiving countries. They are expected to receive $58 billion and $57 billion respectively this year, according to the World Bank. But depending on the migrant workers’ country of residence, the cost of sending money home varies significantly. Japan is the most expensive from which to send money to India or China, followed by France. Sending money from America and Britain however is much cheaper.