Croatia named the least expensive country for international money transfers in 2023
In the ever-evolving world of international money transfers, one platform stands out as a leader in offering the lowest-cost consumer remittance solutions - Wise. According to recent data, Wise boasts an average take rate of just 0.57% for personal transfers and 0.39% for business transfers [3].
While the search results do not provide a specific list of the lowest-cost consumer remittance destinations as identified by Wise or another particular platform, the platform's consumer remittance pricing dataset covers pricing for remittance providers in over 110 countries [1]. This dataset is used to identify the lowest-cost remittance markets.
One such market is Croatia, which has been identified as the lowest-cost market to receive remittances globally in 2023. This is largely due to stable transfer fees for all corridors globally and the country's transition to the euro at the start of the year, resulting in FX margins of 0% for most remittance flows [2].
However, it's important to note that other factors, such as geopolitical developments, can impact remittance pricing in some cases. For instance, Ukraine experienced a drop in remittance costs in 2022 due to promotional pricing changes in response to Russia's invasion. Despite an increase in average pricing by 2023, Ukraine still ranks as the 18th lowest-cost destination for remittances [2].
The platform will continue to track the lowest-cost remittance markets over the coming year, taking into account changes to FX margins and geopolitical developments. This proactive approach ensures that users are always aware of the most cost-effective options for sending money abroad.
While Statista provides aggregated cost data showing some countries, particularly in Sub-Saharan Africa, have the highest costs, it does not explicitly list the lowest-cost destinations [1]. This highlights the importance of platforms like Wise in providing detailed and up-to-date information on remittance costs by destination.
In conclusion, while the search data does not provide a specific ranked list of the lowest-cost remittance destinations, Wise enables low-cost remittance transfers globally due to its digital infrastructure and efficient routing. For those seeking the most cost-effective options for sending money abroad, Wise is a reliable choice.
- To ensure users have the most cost-effective options for sending money abroad, the platform (Wise) will continue to update its pricing dataset, which covers over 110 countries, to identify the lowest-cost remittance markets in the coming year.
- The consumption of this finance data can be valuable for businesses, as it offers insights into the lowest-cost remittance markets and gives a competitive edge in the international money transfer industry.
