The list prices of various payment intermediaries suggest that the cost of sending money abroad can be high. However, the cost varies depending on the payment service used and the country to which the money is sent. The cheapest options are often new services that have emerged in recent years and with these, the average cost of an international transfer is 2-3 per cent of the amount sent. Traditional options, such as bank transfers, are often more expensive. However, it is difficult to know what individuals actually pay for their transfers. This is because we do not know which payment intermediaries or payment services are used. The list prices of different payment intermediaries therefore only give an indication of the cost.

According to statistics from Money from Sweden, list prices have fallen over time, especially in the last three years. Figure 14 shows the cost of sending SEK 1,000 from Sweden to different parts of the world. The cost shown is an average of the three cheapest options per country and quarter, and is presented as the average for the continent. There may therefore be differences between what consumers actually pay and the costs shown in the figure.

According to these statistics, sending money within Europe is the cheapest. There it costs on average 1 per cent, or SEK 10, to send SEK 1,000. The figure also shows that it has become cheaper to send money to Asia, Africa and South America. One reason why it has become cheaper is that the internet, digitalisation and new common standards have made it easier for new players to set up. They often offer more efficient and cheaper services and challenge incumbents, putting downward pressure on prices.

Figure 14. The cost of sending money abroad has fallen over time Cost (in percent) to send SEK 1,000 from Sweden.