Numerous Remittance Service Providers (RSPs), which includes banks, Money Transfer Operators (MTOs), post offices and mobile operators, facilitate cross-border transactions. Ever wondered what the most affordable options are?
What is an MTO?
A Money Transfer Operator (MTO) offers services for individuals and businesses to send and receive money through physical locations, online platforms or mobile apps, subject to a cost.
Why choose Digital MTOs?
Did you know? In Q1 2024, the average global cost of sending $200 via a digital-only MTO fell to 3.97%. On the other hand, according to the International MTO index, which includes physically operated MTOs, it would cost an average of 6.30% to wire $200.
Cash versus Digital Services
According to the World Bank’s latest report, costs for digital remittance services (5.37%) were considerably less than cash remittances (8.71%) in the Sub-Saharan region.
