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SA is costliest G20 country to send money from

Johannesburg - South Africa is the costliest G20 country to send remittances from, according to the latest World Bank report on remittance prices.

In its analysis of trends in remittance service costs, the World Bank said South Africa remains the costliest G20 country to send remittances from in spite of an overall decrease from its peak in the first quarter of 2013, when the cost of sending money from South Africa was more than 20%.

In its report for the first quarter of 2018, the World Bank said remitting from South Africa incurred an average cost of 17.13%.

Japan comes in second, with the cost of sending money at 9.82%.

Russia remains the least expensive G20 country to send money from at 1.64%, followed by Brazil at 4.93% and the United States at 5.67%.

The average cost of sending money to the G20 countries is however not high, averaging 6.63% in the quarter.

The cost of sending money to South Africa is 7.83%, above the average of 6.63% for the G20 countries.

SA home to millions from Zimbabwe

South Africa is home to millions of people in the Diaspora, with Zimbabwe providing the bulk.

Meanwhile Sub-Saharan Africa remains the costliest region to send money to, at a total average cost of 9.44%.

South Asia remains the cheapest receiving region, with an average cost of 5.21%. 

Banks remain the most expensive type of service provider, with an average cost of 10.57%.

 Crecey Kuyedzwa, Fin24

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