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Updated March 2026
The 2026 Global Remittance Cost Index
We analyzed 47 providers across 478+ corridors to rank the true cost of sending $1,000 abroad — including both fees and hidden exchange rate markups.
47+
Providers tracked
$24.33
Avg specialist cost
$34.91
Avg bank cost
30%
Savings vs banks
Key Finding
On a $1,000 transfer, specialist providers cost an average of $24.33 in total fees and markup, while banks charge $34.91 — a difference of $10.58 per transfer. Over 12 monthly transfers, that's $127 saved per year.
Provider Cost Rankings
Ranked by total cost to send $1,000 (transfer fee + exchange rate markup). Lower is better.
RankProviderTypeAvg FeeAvg MarkupAvg. CostCorridors
1
Hang Seng
Bank · 5 corridors
Fee
$0.00
Markup
0.59%
Total
$5.88
2
ICICI Bank
Bank · 5 corridors
Fee
$1.00
Markup
0.49%
Total
$5.90
3
HSBC Singapore
Bank · 20 corridors
Fee
$0.00
Markup
0.86%
Total
$8.60
Fee
$2.01
Markup
0.84%
Total
$10.39
Fee
$5.58
Markup
0.49%
Total
$10.51
6
Zürcher Kantonalbank
Bank · 5 corridors
Fee
$0.00
Markup
1.22%
Total
$12.16
Fee
$0.00
Markup
1.40%
Total
$14.02
Fee
$3.31
Markup
1.17%
Total
$14.99
Fee
$1.56
Markup
1.40%
Total
$15.59
Fee
$0.00
Markup
1.75%
Total
$17.52
11
Starling Bank
Bank · 15 corridors
Fee
$18.78
Markup
0.05%
Total
$19.24
12
BNZ
Bank · 20 corridors
Fee
$0.00
Markup
2.05%
Total
$20.51
13
Raiffeisen Schweiz
Bank · 10 corridors
Fee
$5.00
Markup
1.72%
Total
$22.17
Fee
$13.43
Markup
0.89%
Total
$22.30
Fee
$0.00
Markup
2.26%
Total
$22.62
Fee
$0.00
Markup
2.26%
Total
$22.62
17
ASB NZ
Bank · 20 corridors
Fee
$5.00
Markup
1.82%
Total
$23.25
18
Royal Bank of Canada
Bank · 23 corridors
Fee
$0.00
Markup
2.63%
Total
$26.30
19
National Australia Bank
Bank · 28 corridors
Fee
$0.00
Markup
2.68%
Total
$26.78
Fee
$0.00
Markup
2.70%
Total
$27.02
Specialists vs Banks
Average cost comparison on a $1,000 transfer across all corridors.
Specialist Providers
10 providers analyzed
Average fee$7.93
Average markup1.64%
Total cost per $1,000$24.33
Traditional Banks
37 banks analyzed
Average fee$12.49
Average markup2.24%
Total cost per $1,000$34.91
Cost by Corridor
The cheapest provider and number of options for the most popular transfer corridors.
CorridorCheapest ProviderLowest FeeProviders
🇺🇸→🇮🇳United States to India
Paysend$0.0019🇺🇸→🇵🇰United States to Pakistan
MoneyGram$0.0017🇺🇸→🇵🇭United States to Philippines
Paysend$0.0019🇺🇸→🇲🇽United States to Mexico
Xoom (PayPal)$4.9920🇺🇸→🇳🇬United States to Nigeria
MoneyGram$0.0012🇬🇧→🇮🇳United Kingdom to India
Paysend$0.0031🇬🇧→🇪🇺United Kingdom to Europe
Revolut$0.0031🇨🇦→🇮🇳Canada to India
Paysend$0.0019🇦🇺→🇮🇳Australia to India
Xoom (PayPal)$0.0018🇺🇸→🇧🇩United States to Bangladesh
InstaReM$0.0013🇺🇸→🇬🇧United States to United Kingdom
InstaReM$0.0018🇺🇸→🇪🇺United States to Europe
InstaReM$0.0019🇬🇧→🇵🇰United Kingdom to Pakistan
Remitly$0.0020🇬🇧→🇳🇬United Kingdom to Nigeria
TransferGo$0.0013🇦🇺→🇵🇭Australia to Philippines
Xoom (PayPal)$0.0019🇺🇸→🇧🇷United States to Brazil
InstaReM$0.0017🇺🇸→🇰🇪United States to Kenya
InstaReM$0.0015🇨🇦→🇵🇭Canada to Philippines
KOHO$3.9020🇬🇧→🇧🇩United Kingdom to Bangladesh
TapTap Send$0.008🇦🇪→🇮🇳UAE to India
Wise$0.007Methodology
The SendMoneyCompare Remittance Cost Index is calculated from live quotes collected directly from provider APIs and websites. Our automated scrapers run every 6 hours across 47+ providers and 478+ currency corridors.
Total cost is defined as the transfer fee plus the cost of the exchange rate markup on a $1,000 transfer. The exchange rate markup is calculated by comparing each provider's offered rate against the mid-market rate from XE. For example, if the mid-market rate is 83.00 INR per USD and a provider offers 82.17 INR, the markup is 1.0% — costing the sender $10 on a $1,000 transfer.
Provider averages are computed across all corridors where a provider has available quotes. Providers with fewer than 5 corridors are excluded to ensure statistical reliability.
Data priority: When multiple data sources exist for the same provider-corridor pair, we prioritize direct API/browser scrapes over third-party comparison aggregators, ensuring the most accurate pricing.
Find the cheapest transfer for your corridor
The index shows averages — your specific corridor may be cheaper. Compare live quotes now.
Compare providersFrequently asked questions
What does the Remittance Cost Index measure?
The Remittance Cost Index measures the total cost of sending $1,000 internationally through each provider. It combines two components: the transfer fee charged by the provider and the exchange rate markup (the difference between the provider's rate and the mid-market rate). A lower total cost means more money reaches your recipient.
How is the data collected?
We collect live quotes from 60+ provider APIs and websites every 6 hours using automated scrapers. The data covers 300+ currency corridors. Each quote includes the exact fee, exchange rate, and receive amount. We then calculate the markup by comparing each provider's rate against the mid-market rate from XE.
Why are specialist providers cheaper than banks?
Specialist money transfer providers like Wise, Remitly, and OFX operate with lower overhead than traditional banks. They use peer-to-peer matching, local banking networks, and technology to reduce costs. Most importantly, they use exchange rates much closer to the mid-market rate — some like Wise use the exact mid-market rate with zero markup.
How often is the index updated?
The index is recalculated every time our website is rebuilt, using the most recent scraped data from all providers. Scrapers run every 6 hours via GitHub Actions. The data you see here reflects the latest available quotes across all corridors.
Can I use this data in my research or article?
Yes. You are welcome to cite data from the SendMoneyCompare Remittance Cost Index in your research, articles, or reports. Please credit SendMoneyCompare and link back to this page (sendmoneycompare.com/remittance-cost-index) as the source.
Cite this index
SendMoneyCompare. “The 2026 Global Remittance Cost Index.” SendMoneyCompare.com, March 2026. https://sendmoneycompare.com/remittance-cost-index