Quotation

If there's a criticism about the remittance industry...it's that fees are high,

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Alex Holmes
CEO of money transfer company MoneyGram
Quotation

International money transfers tend to be costly: on average, globally, currency conversions and fees amount to 7% of the total amounts sent

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IMF
Quotation

“Lowering remittance fees by 2 percentage points would potentially translate to $12 billion of annual savings for international migrants from LMICs, and $400 million for migrants and refugees from Ukraine,” added Ratha. “The cross-border payment systems, however, are likely to become multipolar and less interoperable, slowing progress on reducing remittance fees.”

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Dilip Ratha
Lead author of the report on migration and remittances and head of KNOMAD