Via the new database, migrants will be able to analyze and compare the prices remittance service providers charge for sending money to a certain country.
The current format of Send Money Africa contains data regarding the cost of sending and receiving relatively small amounts of money (the equivalent of USD 200 and USD 500) from 15 sending countries worldwide as well as in Africa to 27 African receiving countries.
In addition, the Send Money Africa database also includes information concerning various methods to send money, the actual amount of money which is received in local currency by families and friends in the home country, the time required before the remittance is available to the recipient, the places where the money can be collected and the exchange rates applied to the transaction.
Send Money Africa is published by the Payment Systems Development Group of the World Bank Financial and Private Sector Development Vice Presidency, in the context of the African Institute for Remittances (AIR) Project, which is managed by the Africa Diaspora Program unit of the World Bank Africa Region Vice Presidency.
Africa is considered to be the most expensive region of the world to send money to, according to the World Bank Remittance Prices Worldwide database. The average cost of sending money to Africa is over 12 percent of the amount sent, as compared to a global average cost of only 9 percent.
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