Remittances are cross-border money transfers, often sent by people who have moved abroad for work to support family or community members back home. To compare a transfer, look beyond the advertised fee: the exchange rate, other charges, payout method and delivery terms determine how much the recipient actually gets.
What is a remittance?
In everyday use, a remittance is money someone living or working in another country sends to people or organizations in their home country. The term is also used more broadly for certain cross-border consumer transfers. A remittance can be collected as cash or delivered through an account or another channel supported by the provider.
Remittances are personal transfers, not a single kind of financial product. Banks and non-bank money transmitters offer them through digital services and in-person locations. Which providers, funding methods and payout options are available depends on the sending and receiving countries and the particular transfer.
How do remittances work?
The exact payment rails and settlement arrangements differ by provider and corridor, so there is no universal sequence behind every transfer. In general, the sender selects a provider, enters the recipient and destination details, chooses an available way to fund the transfer and selects a payout method. The provider or its partners process the payment and convert currency when needed; the recipient then receives or collects the funds through the chosen channel.
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Before confirming, review the quote and the provider’s terms. A quoted delivery time, for example, applies to that provider and payout method; providers may use different schedules, and “delivered” may not mean the same thing as immediately available for withdrawal in every case.
How much does it cost to send money abroad?
The full cost is not necessarily the transfer fee shown in an advertisement. The exchange rate may include a provider margin, while taxes, intermediary deductions, recipient withdrawal fees or account cash-out charges can also affect the final amount. A “free” or “zero fee” offer may therefore still involve costs through currency conversion or payout.
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The World Bank’s Remittance Prices Worldwide (RPW) homepage reports a 6.36% global average cost of sending remittances and identifies August 18, 2025, as its update date. This is a dated monitoring statistic, not a live quote or a forecast for a particular route. Costs differ by corridor, service, amount, payment instrument and payout method. World Bank Remittance Prices Worldwide
Compare the amount received, not just the fee
For a useful comparison, get quotes using the same sending and receiving countries, amount, funding method, recipient payout method and quote date. Then compare:
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- The total amount the sender pays and the amount available to the recipient.
- The transfer fee and exchange rate, including any exchange-rate spread or margin.
- Taxes, intermediary deductions and recipient withdrawal or cash-out charges.
- Expected delivery time and the provider’s definition of when funds are delivered or available.
- Convenience, reliability, security and trust, as well as price.
RPW tracks relatively small remittances and publishes comparable prices and service information. Its Q3 2025 report covers 48 sending countries, 102 receiving countries and 358 corridors—a defined monitoring sample, not every route or provider. Its methodology also treats exchange rates and service speed as relevant comparison factors, rather than reducing cost to a posted fee. World Bank RPW, Q3 2025 report
Why do migrants send money home—and why do remittances matter?
People send remittances to support family members and communities across borders. For households, that money can help meet everyday needs. At a wider level, remittance flows are an important source of external finance for many countries, although their effects are not identical across households or economies.
The World Bank reported about $656 billion in remittances to home countries in 2023. Separately, it reported $656 billion in officially recorded remittance flows to low- and middle-income countries that year; those figures come from different descriptions and scopes, so they should not be treated as interchangeable measures. In June 2024, the World Bank also said remittances to low- and middle-income countries in 2023 surpassed foreign direct investment and official development assistance. World Bank, June 26, 2024 World Bank migration overview
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What are my rights when I send a remittance transfer?
Rights depend on where the transfer is sent from and whether the transaction is covered by the relevant rules. In the United States, the Consumer Financial Protection Bureau (CFPB) describes a remittance transfer generally as an electronic transfer of more than $15, sent by a consumer in the United States to a person or company abroad through a provider. Covered transfers can carry disclosure and error-resolution protections. This U.S.-specific summary does not establish the rules in other countries; consult the applicable regulator or a qualified adviser for a particular dispute or legal question. CFPB: What is a remittance transfer and what are my rights?
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The CFPB’s 2024 circular states that providers may face liability for deceptive claims about transfer speed or cost, including misleading “no fee” or “free” marketing. The CFPB page also notes that it withdrew several guidance documents on May 12, 2025. The circular’s stated position should not be read on its own as a complete statement of current binding law; check current agency materials for the rules that apply to a specific transfer. CFPB Circular 2024-01
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